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Copper

Copper trading range for the day is 725.8-737.6.

Copper dropped as pressure seen as the US PPI for November recorded new high in terms of YoY growth

Stocks of copper in LME warehouses rose for the fourth consecutive day taking the total to 87,275 tonnes from 74,225 tonnes Dec. 6.

The premium for the cash over the three-month contract has reversed into a discount.

Warehouse stock for Copper at LME was at 87375mt that is up by 2925mt.

SELL COPPER DEC 2021 @ 734.00 SL 740.00 TGT 726.50-722.00.MCX

Zinc

Zinc trading range for the day is 273-281.2.

Zinc prices dropped as stocks of zinc in LME-registered warehouses rose about 25% since last week

Rising inventories have eased worries about zinc supplies and helped to narrow the premium for cash metal over the three-month contract.

Due to an environmental protection incident, the operating rates of galvanising plants in the north were restricted

Warehouse stock for Zinc at LME was at 209175mt that is up by 18275mt.

SELL ZINC DEC 2021 @ 279.50 SL 282.00 TGT 276.50-274.00.MCX

Nickel

Nickel trading range for the day is 1524.5-1558.3.

Nickel dropped as the market turned cautious ahead of the FOMC meeting and the uncertainties brought on by omicron COVID variant also weighed.

The fundamentals saw marginal weakening in nickel demand, and the spot transaction in the stainless steel and ferronickel sectors were light.

On the macro front, market still expects faster tapering of bond purchase in the US, and was cautious ahead of the FOMC meeting.

Warehouse stock for Nickel at LME was at 107754mt that is down by -522mt.

SELL NICKEL DEC 2021 @ 1552.00 SL 1566.00 TGT 1536.00-1525.00.MCX

Aluminium

Aluminium trading range for the day is 214-218.4.

Aluminium prices fell after inventories in London Metal Exchange-registered warehouses jumped.

Though losses were limited by expectations of robust demand and tight supplies in top producer China.

Aluminium has come off a lot compared with other base metals, it looks cheap given healthy demand globally.

Warehouse stock for Aluminium at LME was at 977400mt that is up by 67750mt.

SELL ALUMINIUM DEC 2021 @ 217.00 SL 220.00 TGT 214.00-212.50.MCX

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