Buy Copper Nov 2021 @ 748.00 SL 742.00 TGT 756.00-760.00.MCX - Kedia Advisory
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Copper
Copper trading range for the day is 740.1-761.9.
Copper gains as LME copper stocks have maintained a downward trend since late September, while the proportion of cancelled warrants has gradually increased
Chinese smelters to increase exports as short squeeze pushed LME copper prices higher
UBS sees copper prices at $12,000/mt by end–Mar 2022, $11,500/mt by end-Dec 2022
Warehouse stock for Copper at LME was at 143650mt that is down by -10025mt.
BUY COPPER NOV 2021 @ 748.00 SL 742.00 TGT 756.00-760.00.MCX
Zinc
Zinc trading range for the day is 277.2-289.
Zinc prices remained supported as dollar seen pressure after GDP growth for the US came below forecasts and PCE prices increased faster than anticipated
UBS sees zinc prices at 3,600/mt by end–Mar 2022, $3,100/mt by end-Dec 2022
PBoC injects CNY 200 billion into market for 4th day
Warehouse stock for Zinc at LME was at 197725mt that is up by 1100mt.
BUY ZINC NOV 2021 @ 282.50 SL 280.00 TGT 285.00-287.00.MCX
Nickel
Nickel trading range for the day is 1498-1545.
Nickel pared gains to settle flat as the global nickel market deficit fell to 15,500 tonnes in August from a shortfall a month earlier of 25,700 tonnes
The premium of LME cash nickel over the three-month contract shot up to $189 a tonne, indicating tightness of nearby supplies
UBS sees nickel prices at $22,000/mt by end–Mar 2022, $19,000/mt by end-Dec 2022
Warehouse stock for Nickel at LME was at 143334mt that is up by 672mt.
BUY NICKEL NOV 2021 @ 1512.00 SL 1496.00 TGT 1532.00-1544.00.MCX
Aluminium
Aluminium trading range for the day is 205.4-232.2.
Aluminium gained as traders refocused on the impact that power restrictions in China will have on energy-intensive smelters producing the metal.
China’s state planner said it would step in to cool soaring prices for coal, which powers aluminium smelters, during a severe power crunch.
UBS sees aluminum prices at $3,500/mt by end–Mar 2022, $3,200/mt by end-Dec 2022
Warehouse stock for Aluminium at LME was at 1051350mt that is down by -3950mt.
SELL ALUMINIUM NOV 2021 @ 218.00 SL 222.00 TGT 214.00-212.00.MCX
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