Buy Copper Oct 2022 @ 638.00 SL 634.00 TGT 645.00-650.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 628.3-649.3.
Copper prices dropped as Global copper market to see 155,000 tonne surplus in 2023, says ICSG
World refined copper production is forecast to rise by about 2.8% in 2022 and 3.3% in 2023, the ICSG said.
U.S. factory production data that signalled the manufacturing sector in the world's biggest economy remains on reasonable footing.
Warehouse stock for Copper at LME was at 139000mt that is down by -4825mt.
BUY COPPER OCT 2022 @ 638.00 SL 634.00 TGT 645.00-650.00.MCX
ZINC
Zinc trading range for the day is 262.2-274.4.
Zinc prices remained supported as robust September U.S. factory production data garnered confidence among traders.
Zinc producer Nexa expects high prices as Europe smelters shu
Overseas geopolitical conflicts further intensified the market’s concerns about the supply
Warehouse stock for Zinc at LME was at 51200mt that is down by -25mt.
BUY ZINC OCT 2022 @ 265.00 SL 262.00 TGT 270.00-274.00.MCX
NICKEL
Nickel trading range for the day is 631.9-631.9.
Nickel settled flat as Sumitomo Metal sees global nickel demand for battery use at 410,000 in 2022
Global nickel market sees surplus in February – INSG
Nickel briquette prices stood above 200,000 yuan/mt, and demand from nickel sulphate plants may contract.
Warehouse stock for Nickel at LME was at 53760mt that is down by -510mt.
SELL NICKEL OCT 2022 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX
ALUMINIUM
Aluminium trading range for the day is 191.5-199.1.
Aluminum gains as resumption of aluminium capacity in Sichuan and Guangxi has been slow
Glencore has delivered significant amounts of Russian-origin aluminium to London Metal Exchange registered warehouses
The United States announced that it was considering a ban on imports of Russian aluminum
Warehouse stock for Aluminium at LME was at 562550mt that is up by 81175mt.
BUY ALUMINIUM OCT 2022 @ 194.00 SL 192.00 TGT 197.00-199.00.MCX
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