Buy Nickel Oct 2021 @ 1382.00 SL 1368.00 TGT 1400.00-1414.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 685-721.2.
Copper prices gained as support seen after copper production in Chile, dropped 4.6% yearon-year in August
Falling inventories have underpinned copper prices and helped to contain losses.
The People's Bank of China injected a total CNY 100 billion of 14-day reverse repos at an interest rate of 2.35 percent
Warehouse stock for Copper at LME was at 217175mt that is down by -2350mt
BUY COPPER OCT 2021 @ 706.00 SL 702.00 TGT 714.00-716.50.MCX
ZINC
Zinc trading range for the day is 247.8-257.6.
Zinc prices remained supported as total zinc inventories across seven Chinese markets stood at 119,800 mt, down 11,500 mt
Inventories in Shanghai, Guangdong and Tianjin fell 9,600 mt, and inventories across seven Chinese markets decreased 9,400 mt.
The situation in China was also worrying, with factory activity showing a contraction for the first time since February
Warehouse stock for Zinc at LME was at 205750mt that is down by -3125mt.
BUY ZINC OCT 2021 @ 252.00 SL 250.00 TGT 254.00-255.60.MCX
NICKEL
Nickel trading range for the day is 1353-1406.2.
Nickel prices fell as concerns about the timing and pace of the U.S. Federal Reserve’s monetary easing plan kept the dollar near one-year highs.
The U.S. Congressional Budget Office said that the cash and special measures to avoid federal default may be exhausted by the end of October.
China’s manufacturing PMI for September stood at 49.6, which fell again from the previous sessions and was below the market expectation.
Warehouse stock for Nickel at LME was at 156234mt that is down by -828mt
BUY NICKEL OCT 2021 @ 1382.00 SL 1368.00 TGT 1400.00-1414.00.MCX
ALUMINIUM
Aluminium trading range for the day is 224.3-231.7.
Aluminium settled flat as the social inventories of aluminium and aluminium billet have been on the rise
An alumina refinery in Jamaica that was damaged by fire and shut down in August is not expected to be back at 100% production for another year
National Food and Strategic Reserves Administration has decided to release the fourth batch of national reserves with an amount of 70,000 mt of aluminium
Warehouse stock for Aluminium at LME was at 1229700mt that is down by -8600mt.
BUY ALUMINIUM NOV 2021 @ 227.60 SL 225.50 TGT 230.00-231.50.MCX
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