Buy Copper Nov 2021 @ 754.00 SL 746.00 TGT 762.50-768.00.MCX
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COPPER
Copper trading range for the day is 761.3-778.1.
Copper prices rose as inventories in Shanghai exchange warehouses dwindled to their lowest levels since 2009.
LME inventories of the metal were last at 161,550 tonnes, a level unseen since June 22.
Money managers boosted their net long positions in COMEX copper contracts to 54,030 contracts, the highest since May 11.
Warehouse stock for Copper at LME was at 159800mt that is down by -1750mt.
BUY COPPER NOV 2021 @ 754.00 SL 746.00 TGT 762.50-768.00.MCX
ZINC
Zinc trading range for the day is 280.8-292.4.
Zinc prices gained as the premium of LME cash zinc over the three-month contract was $51 a tonne, suggesting shortage of readily available stocks
On-warrant zinc inventories fell to 143,575 tonnes, the lowest since July 2020.
The social inventory in seven major markets in China stood at 145,800 mt, down 1,500 mt from last Friday October 22.
Warehouse stock for Zinc at LME was at 199625mt that is up by 1350mt.
BUY ZINC NOV 2021 @ 281.00 SL 279.00 TGT 284.00-286.00.MCX
NICKEL
Nickel trading range for the day is 1526.6-1613.2.
Nickel prices rallied as the NPI prices lingered at high levels amid rising raw materials prices and tight supply, which was bullish for nickel prices.
LME cash nickel was at a premium of $118 a tonne over the three-month contract, its highest since October 2019, indicating tightening nearby supplies
On-warrant stocks dropped to 75,954 tonnes, the lowest since December 2019.
Warehouse stock for Nickel at LME was at 141984mt that is down by -462mt.
BUY NICKEL NOV 2021 @ 1470.00 SL 1455.00 TGT 1488.00-1500.00.MCX
ALUMINIUM
Aluminium trading range for the day is 229.6-240.4.
Aluminium gains as the current inventory was still at a low level
PBoC injected a total CNY 200 billion of seven-day reverse repos into the banking system at an interest rate of 2.2 percent on October 25th.
d Chair Powell said that the Fed shall begin to dial back the bond purchase soon, but the interest rate hike was still off the table.
Warehouse stock for Aluminium at LME was at 1078525mt that is down by -8100mt.
BUY ALUMINIUM NOV 2021 @ 245.00 SL 243.00 TGT 247.00-248.50.MCX
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