Buy Copper Sep 2021 @ 700.00 SL 692.00 TGT 708.00-714.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 693.3-727.3.
Copper prices advanced driven by easing default fears around property giant China Evergrande after its main unit said it would to pay some bond interest
China keeps lending benchmark LPR unchanged for 17th straight month
China copper ore and concentrate imports in August stood at 1,885,984 mt, down 0.06% on the month but up 19.24% on the year.
Warehouse stock for Copper at LME was at 229725mt that is down by -1350mt.
BUY COPPER SEP 2021 @ 700.00 SL 692.00 TGT 708.00-714.00.MCX
Zinc
Zinc trading range for the day is 253.9-261.7.
Zinc prices gained as some smelters in Yunnan were asked to reduce the production by 20- 30%.
The supply side has been experiencing disruptions including intensifying power rationing.
Canada's Teck cuts refined zinc output forecast on wildfire impact
Warehouse stock for Zinc at LME was at 221000mt that is down by -1475mt.
BUY ZINC SEP 2021 @ 256.50 SL 254.50 TGT 258.50-260.00.MCX
NICKEL
Nickel trading range for the day is 1423.6-1488.
Nickel rose as supply fears resurfaced after an Indonesian government official said the country was looking at taxes on exports of the stainless steel ingredient.
Stocks of nickel in LME-registered warehouses have dropped 35% since April
Global nickel production to recover by 6.8% in 2021
Warehouse stock for Nickel at LME was at 165882mt that is down by -906mt.
BUY NICKEL SEP 2021 @ 1445.00 SL 1430.00 TGT 1462.00-1475.00.MCX
Aluminium
Aluminium trading range for the day is 228.7-235.5.
Aluminium rose as there is rumour that aluminium smelters in Yunnan have been urged to bring down their production by another 10%
China’s imports of unwrought aluminium alloy up 12% mom in Aug, exports up 0.1% mom
Jiaozuo Wanfang Aluminum Manufacturing Co Ltd in central China’s Henan province said primary aluminium output affected by floods would resume by the middle of November.
Warehouse stock for Aluminium at LME was at 1304725mt that is down by -11250mt
BUY ALUMINIUM SEP 2021 @ 229.00 SL 227.00 TGT 231.20-233.00.MCX
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