Buy Copper Sep 2021 @ 710.00 SL 706.00 TGT 715.50-718.00.MCX - Kedia Advisory
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Copper
Copper trading range for the day is 700-719.8.
Copper prices seen under pressure as investors exercised caution ahead of a key central bank meeting in Europe that could offer more clues on its tapering decision.
LME cash copper was at its biggest discount in three weeks of $19.60 a tonne compared with the three-month contract, suggesting easing tightness of nearby supplies.
Chile copper exports soar 40.5% in August/
Warehouse stock for Copper at LME was at 237700mt that is down by -4850mt.
BUY COPPER SEP 2021 @ 710.00 SL 706.00 TGT 715.50-718.00.MCX
Zinc
Zinc trading range for the day is 246.8-255.6.
Zinc prices gained as domestic zinc output stood at 508900 mt in August 2021, down 1.22% or 6300 mt on the month
The actual decrease in domestic zinc output in the month was less than expected.
Inventories in Shanghai and London both fell, and the market kept an eye on the seasonal high in September and October.
Warehouse stock for Zinc at LME was at 231400mt that is down by -1700mt.
BUY ZINC SEP 2021 @ 248.20 SL 246.80 TGT 250.00-251.40.MCX
NICKEL
Nickel trading range for the day is 1466.5-1506.1.
Nickel prices gained as supply remained tight on the back of high prices of nickel ore and ferronickel, potentially pushing up prices.
Nickel ore inventory at Chinese ports fell 199,000 wmt from a week earlier to 5.88 million wmt.
China will maintain prudent monetary policy, says central bank official
Warehouse stock for Nickel at LME was at 183678mt that is down by -1482mt.
BUY NICKEL SEP 2021 @ 1466.00 SL 1452.00 TGT 1480.00-1488.00.MCX
Aluminium
Aluminium trading range for the day is 217.8-224.2.
Aluminium prices rose on supply concerns triggered by power curtailment in many parts of China
Prices also rose on the back of turmoil in Guinea and concerns over supply in Guangxi and Inner Mongolia
The recovery of aluminium consumption will be relatively slow due to high aluminium prices, slowing down the decline in social inventory.
Warehouse stock for Aluminium at LME was at 1334225mt that is up by 600mt.
BUY ALUMINIUM SEP 2021 @ 218.80 SL 217.40 TGT 220.20-221.40.MCX
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