Buy Copper Oct 2022 @ 655.00 SL 650.00 TGT 664.00-670.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 649.8-669.4.
Copper prices gains as Chile's total copper production fell 10.2% in August to reach 415,500 tonnes
Antofagasta sees lower copper output on Los Pelambres hit
Antofagasta Minerals' Los Pelambres copper mine in Chile expect to reach a new contract agreement to avoid a strike.
Warehouse stock for Copper at LME was at 138650mt that is up by 1900mt.
BUY COPPER OCT 2022 @ 655.00 SL 650.00 TGT 664.00-670.00.MCX
ZINC
Zinc trading range for the day is 266.1-295.9.
Zinc prices rose after reports Glencore to place Nordenham zinc smelter on care and maintenance from Nov 1
Japan's Toho Zinc expects H2 zinc output to fall 5.9% y/y
Japan's Mitsui Mining expects H2 zinc output to rise 0.2%
Warehouse stock for Zinc at LME was at 53350mt that is down by -75mt.
BUY ZINC OCT 2022 @ 276.00 SL 272.00 TGT 282.00-286.00.MCX
NICKEL
Nickel trading range for the day is 618.3-618.3.
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 51558mt that is down by -234mt.
SELL NICKEL OCT 2022 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX
ALUMINIUM
Aluminium trading range for the day is 198.7-210.9.
Aluminum gains due to growing speculation that Beijing may soon start relaxing its zeroCOVID strategy.
The global factory activity falls for 1st time since 2020
Putting a floor under prices were fears of further supply disruptions after LME signaled that it is taking steps towards a potential ban on new supplies of Russian metal
Warehouse stock for Aluminium at LME was at 328525mt that is down by -75mt.
BUY ALUMINIUM OCT 2022 @ 202.00 SL 198.00 TGT 207.00-210.00.MCX
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