IGI Logo

COPPER

Copper trading range for the day is 685.3-706.1.

Copper rally stalls as COVID spreads in China

Data showed slower-than-expected manufacturing growth in October and the first fall in retail sales in five months.

JPMorgan cut its economic growth forecast for China this year to 2.9%

Warehouse stock for Copper at LME was at 89975mt that is up by 3175mt.

SELL COPPER NOV 2022 @ 698.00 SL 702.00 TGT 694.00-690.00.MCX

Zinc trading range for the day is 269.5-284.7.

Zinc dropped as the zinc ingot social inventory added 2,200 mt on a weekly basis to 62,700 mt.

China industrial output, retail sales miss expectations in Oct

China keeps 1-year MLF rate at 2.75%

Warehouse stock for Zinc at LME was at 43125mt that is up by 225mt.

SELL ZINC NOV 2022 @ 278.00 SL 280.00 TGT 274.00-272.00.MCX

NICKEL

Nickel trading range for the day is 800-800.

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 50022mt that is down by -150mt.

SELL NICKEL NOV 2022 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX

ALUMINIUM

Aluminium trading range for the day is 206.7-213.7.

Aluminium prices dropped amid rising COVID-19 cases and weak factory activity in China.

China industrial output, retail sales miss expectations in Oct

China aluminium production up 9.5 % to 3.45 mln tonnes in Oct – stats bureau

Warehouse stock for Aluminium at LME was at 538825mt that is down by -5200mt.

SELL ALUMINIUM NOV 2022 @ 212.00 SL 215.00 TGT 208.00-206.00.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