Buy Nickel Nov 2021 @ 1470.00 SL 1455.00 TGT 1488.00-1500.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 751.9-783.5.
Copper prices dropped due to intervention by China to cool surging coal prices.
However downside seen limited on renewed worries about scarce supplies and as the dollar weakened.
Chile's Codelco reaches union agreement with Salvador mine
Warehouse stock for Copper at LME was at 161550mt that is down by -4375mt.
BUY COPPER NOV 2021 @ 754.00 SL 746.00 TGT 762.50-768.00.MCX
ZINC
Zinc trading range for the day is 274.2-293.
Zinc prices fell as a drop in coal prices in China eased concerns of supply shortage in the metal.
The initial manufacturing PMI reading for October across the Eurozone came in higher than expected, indicating an expanding economy
The US jobless claims last week recorded 290,000, the lowest since the breakout of the COVID.
Warehouse stock for Zinc at LME was at 198275mt that is down by -1650mt.
BUY ZINC NOV 2021 @ 281.00 SL 279.00 TGT 284.00-286.00.MCX
NICKEL
Nickel trading range for the day is 1491.7-1581.3.
Nickel prices dropped as Nickel ore inventory at Chinese ports grew 130,000 wmt from a week earlier to 8.45 million wmt
Nickel output from the Philippines, is expected to be 10
PBoC injected a total CNY 100 billion of seven-day reverse repos
Warehouse stock for Nickel at LME was at 142446mt that is down by -342mt.
BUY NICKEL NOV 2021 @ 1470.00 SL 1455.00 TGT 1488.00-1500.00.MCX
ALUMINIUM
Aluminium trading range for the day is 225.3-244.3.
Aluminium prices dropped as rising aluminium inventories in China weighed on prices
Prices seen pressure as a drop in coal prices in China eased concerns of supply shortage in the metal.
Shanghai stocks up for four straight weeks and social stocks in China at their highest since May 27 of 957,000 tonnes.
Warehouse stock for Aluminium at LME was at 1086625mt that is down by -5975mt.
BUY ALUMINIUM NOV 2021 @ 245.00 SL 243.00 TGT 247.00-248.50.MCX
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