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Sell Nickel Dec 2022 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 703.4-718.4.
Copper rose supported by a weaker U.S. dollar, with further gains stymied by concerns over surging COVID-19 infections in Beijing.
Copper prices were also lifted by looming supply concerns.
Lower production in South America continued to drive concerns of shortages in the near future.
Warehouse stock for Copper at LME was at 85525mt that is up by 3650mt.
SELL COPPER DEC 2022 @ 712.00 SL 716.00 TGT 708.00-704.00.MCX
ZINC
Zinc trading range for the day is 280.4-294.8.
Zinc dropped as China's refined zinc output stood at 524,700 mt in November, up 2.06% MoM
LME zinc inventory has entered a downward track since early September, and continued to fall last week
Nyrstar has completed scheduled maintenance work at its Auby operation in Northern France, but the smelter will not resume zinc production
Warehouse stock for Zinc at LME was at 36625mt that is down by -25mt.
SELL ZINC DEC 2022 @ 286.00 SL 290.00 TGT 282.00-280.00.MCX
NICKEL
Nickel trading range for the day is 800.4-800.4.
Nickel settled flat as Sumitomo Metal sees global nickel demand for battery use at 410,000 in 2022
Global nickel market sees surplus in February – INSG
Nickel briquette prices stood above 200,000 yuan/mt, and demand from nickel sulphate plants may contract.
Warehouse stock for Nickel at LME was at 53334mt that is up by 456mt.
SELL NICKEL DEC 2022 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX
ALUMINIUM
Aluminium trading range for the day is 210.6-214.8.
Aluminum dropped as China produced around 3.34 million mt aluminium in November, up 8.7% YoY.
On the supply side, smelters in Guizhou may face production cuts of nearly 30%.
Some aluminium processing plants plan to close early for the Chinese New Year.
Warehouse stock for Aluminium at LME was at 489300mt that is up by 30225mt.
BUY ALUMINIUM DEC 2022 @ 210.00 SL 207.00 TGT 214.00-216.00.MCX
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