Buy Nickel Oct 2021 @ 1464.00 SL 1448.00 TGT 1482.00-1496.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 720.6-750.2.
Copper prices fell as soaring energy costs prompted concern that the global economic recovery will be derailed
Codelco to produce more copper than expected, despite strike
On warrant copper inventories in LME-registered warehouses have fallen to 65,500 tonnes from almost 240,000 in August.
Warehouse stock for Copper at LME was at 195250mt that is down by -2400mt.
BUY COPPER OCT 2021 @ 730.00 SL 724.00 TGT 738.00-742.50.MCX
ZINC
Zinc trading range for the day is 263.5-274.3.
Zinc prices dropped amid the stronger expectations of Fed’s tapering the debt purchase.
There has been no signs of intensifying power rationing policy across China, and the zinc prices may stay high amid the comparatively low social inventories.
The global lead and zinc markets will be slightly oversupplied this year and next, the International Lead and Zinc Study Group (ILZSG) said.
Warehouse stock for Zinc at LME was at 191500mt that is down by -2350mt.
BUY ZINC OCT 2021 @ 267.50 SL 265.40 TGT 270.50-272.50.MCX
NICKEL
Nickel trading range for the day is 1452.7-1508.3.
Nickel prices dropped as supply of nickel sulphate has been sufficient, weighing on prices
Widespread power shortages in China and higher electricity prices in Europe have dampened production in some sectors of those economies.
Citi lowers nickel 0-3 month target to $17,000/t, with $18,300/t average for 4Q'21
Warehouse stock for Nickel at LME was at 147780mt that is down by -1098mt.
BUY NICKEL OCT 2021 @ 1464.00 SL 1448.00 TGT 1482.00-1496.00.MCX
ALUMINIUM
Aluminium trading range for the day is 238.1-250.7.
Aluminium prices rose as the supply of domestic aluminium is likely to fall amid multiple factors.
First, the operating rates in Qinghai and Ningxia may fall in the month, with almost zero new or resumed operation activities.
The inventory of social aluminium ingot is likely to rise slightly to around 850,000 mt by the end of October
Warehouse stock for Aluminium at LME was at 1137675mt that is down by -12550mt.
BUY ALUMINIUM OCT 2021 @ 243.50 SL 241.50 TGT 246.00-247.50.MCX
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