Buy Zinc Oct 2021 @ 257.00 SL 255.00 TGT 259.00-260.50.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 704.2-722.6.
Copper prices gained as market concerns eased about the default of Evergrande.
Copper market in 90,000 tonnes deficit in Jun 2021
PBoC Injects CNY 120 Billion into Marke
Warehouse stock for Copper at LME was at 226025mt that is down by -3700mt
BUY COPPER OCT 2021 @ 708.00 SL 702.00 TGT 715.00-718.00.MCX
Zinc
Zinc trading range for the day is 247.8-260.4.
Zinc prices rose as support seen due to production restrictions in southwest China.
In China, power rationing sustained, and many zinc smelters have received notices to reduce their power consumption by 20 – 50%
Global zinc market remained in a marginal surplus of 11kt between January and July 2021
Warehouse stock for Zinc at LME was at 218900mt that is down by -2100mt.
BUY ZINC OCT 2021 @ 257.00 SL 255.00 TGT 259.00-260.50.MCX
NICKEL
Nickel trading range for the day is 1419.2-1495.2.
Nickel gains as prices seen supported by optimism that China, can avoid a damaging collapse of one of its biggest property developers, Evergrande.
Chinese regulators have asked China Evergrande Group to avoid a near-term default on its dollar bonds.
Global nickel market deficit narrows in July to 24,700 T – INSG
Warehouse stock for Nickel at LME was at 164610mt that is down by -1272mt
BUY NICKEL OCT 2021 @ 1454.00 SL 1440.00 TGT 1470.00-1482.00.MCX
Aluminium
Aluminium trading range for the day is 230.4-237.
Aluminum prices rose on concerns over supply and as debt troubles at China Evergrande Group soothe.
China produced 3.16 million tonnes of primary aluminum in August, 3.2% less than in July Smelters in the European Union are also facing rising costs with both carbon credit and power inputs at record highs.
Smelters in the European Union are also facing rising costs with both carbon credit and power inputs at record highs.
Warehouse stock for Aluminium at LME was at 1289075mt that is down by -15650mt.
BUY ALUMINIUM OCT 2021 @ 233.00 SL 231.20 TGT 234.80-236.00.MCX
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