Sell Copper DEC 2021 @ 734.00 SL 740.00 TGT 726.00-722.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 715.4-740
Copper fell as data from China, pointed to slowing economic growth and therefore weaker demand for metals.
Factory output in China grew faster than expected in November, but investment growth slowed and a downturn in the property market persisted.
China's government has said it will focus on stabilising the economy, and the central bank injected funds into the financial system.
Warehouse stock for Copper at LME was at 88650mt that is up by 1275mt.
SELL COPPER DEC 2021 @ 734.00 SL 740.00 TGT 726.00-722.00.MCX
ZINC
Zinc trading range for the day is 268.5-282.3.
Zinc gained due to low inventories in Europe after prices dropped earlier as LME inventory has been rising for three days
The LME inventory in Asia continued to rise, but the low inventory in eurozone and the US sustained
Meanwhile, the demand from the downstream galvanising and die-casting alloy sectors also weakened.
Warehouse stock for Zinc at LME was at 207575mt that is down by -1600mt.
SELL ZINC DEC 2021 @ 277.50 SL 280.00 TGT 275.00-273.20.MCX
NICKEL
Nickel trading range for the day is 1502.3-1551.5.
Nickel prices dropped as the global nickel market saw a small surplus of 5,000 tonnes in October.
During the first 10 months of the year, there was a deficit in the nickel market of 165,500 tonnes compared with a surplus of 88,500 tonnes
The market risk exposure reduced as the PBoC cut the RRR, coupled with the to-be-held Fed meeting
Warehouse stock for Nickel at LME was at 106998mt that is down by -756mt.
SELL NICKEL DEC 2021 @ 1550.00 SL 1566.00 TGT 1534.00-1522.00.MCX
ALUMINIUM
Aluminium trading range for the day is 211.6-217.8.
Aluminium dropped as the market exposure reduced amid higher-than-expected US PPI in November and still sluggish China consumer market.
China's aluminium output in November fell slightly from the previous month, official data showed
On a daily basis, November output worked out at around 103,300 tonnes per day, versus about 101,000 tonnes in October.
Warehouse stock for Aluminium at LME was at 990550mt that is up by 13150mt.
SELL ALUMINIUM DEC 2021 @ 217.00 SL 219.00 TGT 214.50-212.50.MCX
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