Buy Copper SEP 2021 @ 712.50 SL 708.00 TGT 718.00-722.00.MCX - Kedia Advisory
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Copper
Copper trading range for the day is 703-719.4.
Copper dropped as imports into top consumer China declined 41% year-on-year in August to their lowest since June 2019 at 394,017 tonnes
Arrivals of unwrought copper and products into China, the world's top copper consumer, were 394,017 tonnes last month
China August exports rise 25.6% y/y, above forecast and July's gain
Warehouse stock for Copper at LME was at 242550mt that is down by -8150mt.
BUY COPPER SEP 2021 @ 712.50 SL 708.00 TGT 718.00-722.00.MCX
Zinc
Zinc trading range for the day is 243.5-252.9.
Zinc prices gained as inventories in Shanghai and London both fell, and the market kept an eye on the seasonal high in September and October.
China released its trade data for August, higher than the previous value and estimate, maintaining its growth since April, 2020
Production costs of die-casting alloy enterprises continued to climb due to rising raw material prices, creating great pressures to daily production and operation.
Warehouse stock for Zinc at LME was at 233100mt that is down by -2675mt.
BUY ZINC SEP 2021 @ 244.80 SL 243.00 TGT 247.00-248.40.MCX
NICKEL
Nickel trading range for the day is 1447.4-1488.2.
Nickel remained supported as nickel inventories were basically low, while supply of ferronickel and nickel ore was still tight, supporting prices.
China's exports and imports logged sharp growth in August despite COVID-related port closures, official data showed
Despite supply chain problems, Germany's industrial output grew for the first time in four months in July
Warehouse stock for Nickel at LME was at 185160mt that is down by -2442mt.
BUY NICKEL SEP 2021 @ 1456.00 SL 1442.00 TGT 1472.00-1484.00.MCX
Aluminium
Aluminium trading range for the day is 216.2-219.8.
Aluminium settled flat after prices remained supported as supply concerns sparked by a coup in Guinea added to production disruptions elsewhere.
Chinese exports of unwrought aluminium and products were 490,286 tonnes in August
China August exports rise 25.6% y/y, above forecast and July's gain
Warehouse stock for Aluminium at LME was at 1333625mt that is down by -7375mt.
BUY ALUMINIUM SEP 2021 @ 214.50 SL 212.50 TGT 216.80-218.20.MCX
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