Buy Copper Dec 2022 @ 670.00 SL 666.00 TGT 675.00-678.00.MCX - Kedia Advisory
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Copper
Copper trading range for the day is 671.8-683.6.
Copper gains as support for the property sector in China brightened the demand outlook.
MMG mine in Peru resumes copper output; transportation still halted
Workers for Chile's Escondida mine accept BHP's offer and will not strike
Warehouse stock for Copper at LME was at 90900mt that is down by -300mt. 3
BUY COPPER DEC 2022 @ 670.00 SL 666.00 TGT 675.00-678.00.MCX
Zinc
Zinc trading range for the day is 260.8-268.4.
Zinc dropped as the renewed pandemic outbreak across the country weighed on the market sentiment.
Global zinc market deficit rises to 103,000 T in September – ILZSG
China imported 1,007 mt of refined zinc in October, down 77.55% on the month and 97.54% on the year.
Warehouse stock for Zinc at LME was at 41425mt that is down by -25mt.
BUY ZINC DEC 2022 @ 262.00 SL 258.00 TGT 266.00-268.00.MCX
Nickel
Nickel trading range for the day is 734.3-734.3.
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 52170mt that is unchange mt.
SELL NICKEL DEC 2022 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX
Aluminium
Aluminium trading range for the day is 204.5-210.1.
Aluminium prices rebounded as declining inventories outweighed demand concerns.
LME Inventories were down 14.2% from 587,100 tonnes on Oct. 26.
SHFE Aluminium inventories declined 11.9% to 110,017 tonnes last Friday, the lowest since February 2017
Warehouse stock for Aluminium at LME was at 503150mt that is down by -550mt.
BUY ALUMINIUM DEC 2022 @ 204.00 SL 201.00 TGT 208.00-210.00.MCX
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