Copper trading range for the day is 713-737.6 - Kedia Advisory
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
https://t.me/InvestmentGuruIndiacom
Download Telegram App before Joining the Channel
COPPER
Copper trading range for the day is 713-737.6.
Copper eased as the dollar firmed despite underwhelming U.S. jobs data that tempered expectations for a quick monetary policy tightening
Visible stocks of copper in exchange warehouses eased, pointing to a firm demand for the metal used in power and construction
In warehouses monitored by the Shanghai Futures Exchange, copper stocks shed 13.7% to 36,110 tonnes, according to weekly data.
Warehouse stock for Copper at LME was at 78350mt that is up by 125mt.
BUY COPPER DEC 2021 @ 732.00 SL 726.00 TGT 740.00-744.00.MCX
ZINC
Zinc trading range for the day is 265.5-273.7.
Zinc prices remain firm on the potential for soaring power costs causing more disruptions at smelters, keeping supply and inventories tight.
Glencore said it suspended zinc operations at its 100,000 tonne a year Italian plant due to high power prices.
Nyrstar said it would cut production by up to 50% at its three European zinc smelters, but customers have so far been adequately supplied.
Warehouse stock for Zinc at LME was at 153350mt that is down by -1775mt.
BUY ZINC DEC 2021 @ 271.50 SL 269.00 TGT 275.00-277.00.MCX
NICKEL
Nickel trading range for the day is 1518.3-1589.9.
Nickel remained supported as the market sentiment stabilised from the short-term shock of the newly discovered COVID variant Omicron.
China Services PMI falls to 3-month low
China advisers to recommend lower 2022 GDP target as headwinds grow
Warehouse stock for Nickel at LME was at 112590mt that is down by -1050mt.
BUY NICKEL DEC 2021 @ 1544.00 SL 1528.00 TGT 1564.00-1574.00.MCX
ALUMINIUM
Aluminium trading range for the day is 208.6-214.8.
Aluminium remained supported amid production restrictions in the heating season and ahead of the Beijing Winter Olympics.
Japan aluminium stocks in October up 1.1% m/m
Data showed that China's social inventories of aluminium across eight consumption areas dropped 15,000 mt on the week to 1 million mt
Warehouse stock for Aluminium at LME was at 882800mt that is down by -6775mt.
BUY ALUMINIUM DEC 2021 @ 210.00 SL 207.50 TGT 213.50-215.50.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
