Buy Nickel Sep 2021 @ 1425.00 SL 1410.00 TGT 1440.00-1448.00.MCX - Kedia Advisory
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Copper
Copper trading range for the day is 697.2-725.6.
Copper prices fell as concerns of weak demand from top consumer China were stoked by the country's disappointing factory data.
China's factory activity slipped into contraction in August for the first time in nearly 1-1/2 years
Chile's Codelco reaches new agreement with union workers
Warehouse stock for Copper at LME was at 252725mt that is down by -275mt.
SELL COPPER SEP 2021 @ 724.00 SL 728.00 TGT 718.00-715.00.MCX
Zinc
Zinc trading range for the day is 241.1-245.7.
Zinc prices fell after data showed that factory activity slowed in August across swathes of Europe and Asia.
In China, by far the biggest metals consumer, manufacturing contracted for the first time in nearly 1-1/2 years.
China's state reserves administration successfully released a total of 150,000 tonnes of copper, aluminium and zinc into the market.
Warehouse stock for Zinc at LME was at 236425mt that is down by -650mt.
SELL ZINC SEP 2021 @ 246.00 SL 248.00 TGT 244.00-242.00.MCX
Nickel
Nickel trading range for the day is 1412.7-1455.7.
Nickel prices dropped in light of a disappointing reading of China PMI for August and hawkish signals sent out by the European Central Bank.
The premium for LME cash nickel over the three-month contract has risen above $40 a tonne from about zero a week ago
Japan’s factory activity expanded at a slower rate in August as a resurgence of coronavirus cases in Asia disrupted supply chains across the region
Warehouse stock for Nickel at LME was at 192456mt that is down by -2010mt.
BUY NICKEL SEP 2021 @ 1425.00 SL 1410.00 TGT 1440.00-1448.00.MCX
Aluminium
Aluminium trading range for the day is 208.4-215.
Aluminium dropped as Asia’s factory activity lost momentum in August as a resurgence in coronavirus cases disrupted supply chains across the region
The bidding for the third batch of national reserves completed, and the highest bid price stood at 20271 yuan/mt in Anhui.
US consumer confidence index in August fell to six-month low due to Delta variant.
Warehouse stock for Aluminium at LME was at 1336850mt that is up by 2175mt.
BUY ALUMINIUM SEP 2021 @ 212.00 SL 210.00 TGT 214.00-215.80.MCX
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