IGI Logo

COPPER

Copper trading range for the day is 628.4-657.4.

Copper dropped on worries that China's determination to stick with its strict COVID-19 rules could dampen economic growth and demand for metals.

A sharp increase in ShFE copper inventories on Oct. 14 also dented sentiment.

But tight supply, overall, of the metal in China continued to lend some support and cushion prices from steep falls

Warehouse stock for Copper at LME was at 143825mt that is up by 875mt.

BUY COPPER OCT 2022 @ 638.00 SL 634.00 TGT 645.00-650.00.MCX

ZINC

Zinc trading range for the day is 260.8-269.2.

Zinc remained supported as European zinc smelters slashed output massively amid skyrocketing energy costs

Zinc producer Nexa expects high prices as Europe smelters shut

Refined zinc output is estimated at 516,700 mt in October

Warehouse stock for Zinc at LME was at 51225mt that is down by -125mt.

BUY ZINC OCT 2022 @ 263.00 SL 260.00 TGT 267.00-270.00.MCX

NICKEL

Nickel trading range for the day is 622.7-622.7.

Nickel settled flat as Sumitomo Metal sees global nickel demand for battery use at 410,000 in 2022

Global nickel market sees surplus in February – INSG

Nickel briquette prices stood above 200,000 yuan/mt, and demand from nickel sulphate plants may contract

Warehouse stock for Nickel at LME was at 54270mt that is up by 582mt.

SELL NICKEL OCT 2022 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX

ALUMINIUM

Aluminium trading range for the day is 190.1-203.1.

Aluminium price drops on jump in LME stocks and Russian metal

China's economy showed a significant recovery in the third quarter and employment is generally stable

Metal industry sources say there is concern that Rusal will be unable to sell its metal and will deliver it into the LME system

Warehouse stock for Aluminium at LME was at 481375mt that is up by 48350mt.

BUY ALUMINIUM OCT 2022 @ 194.00 SL 192.00 TGT 197.00-199.00.MCX

To Read Complete Report & Disclaimer Click Here

Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer