320-x-100_uti_gold.jpg" alt="Advertisement">
Buy Copper Nov 2021 @ 734.00 SL 730.00 TGT 738.00-744.00.MCX - Kedia Advisory
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
COPPER
Copper trading range for the day is 726.7-746.7.
Copper prices rebounded after debt-burdened China Evergrande Group again dodged a default
Tight supplies of copper also continued to keep prices on the boil, with LME inventories having tumbled by more than half since August.
Codelco offered Chinese buyers 2022 supply at $105 per tonne
Warehouse stock for Copper at LME was at 104175mt that is down by -1950mt.
BUY COPPER NOV 2021 @ 734.00 SL 730.00 TGT 738.00-744.00.MCX
ZINC
Zinc trading range for the day is 274.3-282.5.
Zinc prices gained as the zinc concentrate supply in Inner Mongolia tightened further due to power rationing.
The operating rates of smelters in November are likely to decline amid extreme weather, COVID and transport disruptions.
The current low social inventory of zinc ingots will underpin zinc prices in the short term.
Warehouse stock for Zinc at LME was at 184275mt that is down by -3175mt.
SELL ZINC NOV 2021 @ 279.00 SL 284.00 TGT 274.00-271.80.MCX
NICKEL
Nickel trading range for the day is 1510-1541.6.
Nickel gains as support seen after PT Vale Indonesia said its nickel matte production is expected to fall as much as 13% next year
Data showed nickel production at Russian miner Nornickel fell 23% from a year earlier to 129,858 tons in the first three quarters of the year
China’s refined nickel output stood at 14,500 mt in October, up 1.48% or 212 mt monthon-month.
Warehouse stock for Nickel at LME was at 132534mt that is down by -468mt.
SELL NICKEL NOV 2021 @ 1525.00 SL 1540.00 TGT 1510.00-1496.00.MCX
ALUMINIUM
Aluminium trading range for the day is 205.5-216.1.
Aluminium prices gained coupled of falling social inventory of aluminium ingots.
The euro zone economy will grow faster than previously expected this year as it recovers from the pandemic-induced recession
China produced 3.16 million mt of aluminium in October, down 2.55% on the year.
Warehouse stock for Aluminium at LME was at 982025mt that is down by -3250mt.
SELL ALUMINIUM NOV 2021 @ 208.00 SL 210.00 TGT 205.50-203.50.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
