Buy Nickel DEC 2021 @ 1542.00 SL 1528.00 TGT 1558.00-1550.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 733-749.4.
Copper dropped after China revises 2020 GDP growth down slightly to 2.2% y/y
Freeport, China smelters agree higher copper treatment charges for 2022
World Bureau of Metal Statistics reported that the copper market saw a deficit of 188 kilotonnes from January to October 2021.
Warehouse stock for Copper at LME was at 89150mt that is down by -325mt.
BUY COPPER DEC 2021 @ 738.00 SL 732.00 TGT 745.00-748.00.MCX
ZINC
Zinc trading range for the day is 277-291.6.
Zinc prices dropped after Miner Nexa Resources, said it had resumed production at its Cerro Lindo zinc mine in Peru.
Miner Nyrstar said it would shutter its plant in France due to high power prices, stoking concerns over tightness in supply.
In China, the zinc ingot inventory across seven major markets in China stood at 124,200 mt, down 2,300 mt from Monday
Warehouse stock for Zinc at LME was at 205525mt that is down by -1300mt.
BUY ZINC DEC 2021 @ 287.00 SL 284.00 TGT 290.00-294.00.MCX
NICKEL
Nickel trading range for the day is 1536.4-1563.6.
Nickel prices steadied as the market sentiment warmed amid positive economic readings from the US.
Currently, pure nickel inventory was at a comparatively low level, supporting nickel prices
The global nickel market saw a small surplus of 5,000 tonnes in October compared with a shortfall of 3,100 tonnes a month earlier
Warehouse stock for Nickel at LME was at 106128mt that is down by -168mt.
BUY NICKEL DEC 2021 @ 1542.00 SL 1528.00 TGT 1558.00-1550.00.MCX
ALUMINIUM
Aluminium trading range for the day is 218.3-222.3.
Aluminium prices gains after China's output of raw material alumina slumped last month, highlighting the risk of tight supply due to power shortages.
China's output of alumina, which is smelted to make aluminium, fell in November by 4.5% year-on-year to its lowest in 18 months
Russian aluminium producer Rusal said it had launched production at its long-stalled Taishet aluminium smelter in Siberia.
Warehouse stock for Aluminium at LME was at 979600mt that is down by -5050mt.
BUY ALUMINIUM DEC 2021 @ 218.50 SL 216.50 TGT 221.00-222.50.MCX
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