Buy Copper Oct 2021 @ 754.00 SL 746.00 TGT 762.50-768.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 776.2-812.6.
Copper prices rose as the copper inventory in China and overseas market both fell.
The imports of unwrought copper and copper products reversed the previous trend of declining for five consecutive months
US CPI for September rose 5.4%, slightly higher than the estimate of 5.3%, mainly driven by the high commodity prices, rising wages, etc.
Warehouse stock for Copper at LME was at 181400mt that is down by -5650mt.
BUY COPPER OCT 2021 @ 754.00 SL 746.00 TGT 762.50-768.00.MCX
ZINC
Zinc trading range for the day is 299.3-336.1.
Zinc prices climbed on supply concerns after producer Nyrstar announced a plan to cut its output due to high power prices in Europe.
China's annual factory gate prices rose more quickly than expected in September
PBoC Drains CNY 90 Billion from Market
Warehouse stock for Zinc at LME was at 188650mt that is down by -950mt.
BUY ZINC OCT 2021 @ 281.00 SL 279.00 TGT 284.00-286.00.MCX
NICKEL
Nickel trading range for the day is 1485-1595.8.
Nickel prices gained as the demand for nickel of the stainless steel sector improved
The premiums of Russian nickel stood at 900-1,100 yuan/mt over the November contract,
Nickel ore inventory at Chinese ports grew 827,000 wmt from the week before the National Day holiday to 8.32 million wmt
Warehouse stock for Nickel at LME was at 146022mt that is down by -270mt.
BUY NICKEL OCT 2021 @ 1470.00 SL 1455.00 TGT 1488.00-1500.00.MCX
ALUMINIUM
Aluminium trading range for the day is 246.5-261.7.
Aluminum prices gained as soaring energy prices intensified supply disruptions.
Smelters in China's Qinghai province were told to reduce production to lower the power load
In Europe aluminum producers are also facing higher electricity charges, which have shrunk profit margins, causing aluminum smelters to curtail production
Warehouse stock for Aluminium at LME was at 1118325mt that is down by -8225mt.
BUY ALUMINIUM OCT 2021 @ 245.00 SL 243.00 TGT 247.00-248.50.MCX
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