Buy Copper Nov 2021 @ 745.00 SL 742.00 TGT 749.00-753.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 722.5-752.5.
Copper prices fell as demand concerns fuelled by the liquidity crisis in China's property sector weighed on the market.
Investors have been worried about a broadening liquidity crisis in China's property sector, with a string of offshore debt defaults and credit rating downgrades
Investor sentiment in Germany rose unexpectedly in November on expectations that price pressures will ease at the start of next year
Warehouse stock for Copper at LME was at 109550mt that is down by -5975mt.
BUY COPPER NOV 2021 @ 745.00 SL 742.00 TGT 749.00-753.00.MCX
ZINC
Zinc trading range for the day is 271.9-283.9.
Zinc dropped as overall social demand signalled recovery, and some orders that were suppressed in October are currently being delivered.
However, the smelting sector was still disrupted by power rationing, leading to continuous decline in social inventory.
Data showed that China's refined zinc output stood at 499,300 mt in October, down 12,600 mt or 2.46% on the month
Warehouse stock for Zinc at LME was at 190125mt that is down by -1575mt.
BUY ZINC NOV 2021 @ 282.50 SL 280.00 TGT 285.00-287.00.MCX
NICKEL
Nickel trading range for the day is 1481.5-1530.3.
Nickel prices dropped as NPI output picked up slightly in October 2021, rising by 0.12% year-on-year to 30,720 mt in nickel content.
Nickel prices seen falling in 2022 due to surplus
China’s refined nickel output stood at 14,500 mt in October, up 1.48% or 212 mt monthon-month. The average operating rate stood at 66%.
Warehouse stock for Nickel at LME was at 134172mt that is down by -1680mt.
BUY NICKEL NOV 2021 @ 1512.00 SL 1496.00 TGT 1532.00-1544.00.MCX
ALUMINIUM
Aluminium trading range for the day is 200.6-211.4.
Aluminium prices dropped as new bank lending in China is expected to have plunged in October from the prior month
The market shall still watch the consumer market recovery as the power rationing eased.
While the blizzard in north China may reduce the arrivals of aluminium ingot.
Warehouse stock for Aluminium at LME was at 991375mt that is down by -9000mt.
BUY ALUMINIUM NOV 2021 @ 220.00 SL 216.00 TGT 225.00-227.50.MCX
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