Sell Copper Dec 2021 @ 735.00 SL 742.00 TGT 728.00-724.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 720.9-749.9.
Copper rose on higher demand from top consumer China and fears of tighter supplies.
China's Nov copper imports rise to highest since March
China's central bank cut the reserve requirement ratio by 50 basis points to support economic growth
Warehouse stock for Copper at LME was at 74225mt that is down by -3650mt.
SELL COPPER DEC 2021 @ 735.00 SL 742.00 TGT 728.00-724.00.MCX
ZINC
Zinc trading range for the day is 264.7-279.1.
Zinc prices rose after monetary policy easing by China's central bank and climbing imports into the world's top metals consumer.
PBOC said it would cut the amount of cash that banks must hold as reserves, releasing the funds in long-term liquidity to bolster slowing economic growth.
Chinese imports rose 31.7% in November, beating the 19.8% rise in October and well above a forecast for a 20.6% gain.
Warehouse stock for Zinc at LME was at 152100mt that is down by -550mt.
SELL ZINC DEC 2021 @ 269.50 SL 272.50 TGT 267.00-265.50.MCX
NICKEL
Nickel trading range for the day is 1529.9-1590.7.
Nickel prices rose boosted by the news of China central bank’s reducing RRR rate
Global nickel smelting rebounds as Sudbury operations restart
China Nov exports rise 22% y/y; imports up 31.7%
Warehouse stock for Nickel at LME was at 110358mt that is down by -330mt.
SELL NICKEL DEC 2021 @ 1546.00 SL 1558.00 TGT 1532.00-1522.00.MCX
ALUMINIUM
Aluminium trading range for the day is 208.4-215.2.
Aluminium gains as the social inventory continued to drop, supporting aluminium prices.
China's Nov forex reserves unexpectedly rise to $3.222 trln
Chinese govt thinktank proposes growth target of above 5% for 2022
Warehouse stock for Aluminium at LME was at 893650mt that is down by -4800mt.
SELL ALUMINIUM DEC 2021 @ 211.00 SL 213.00 TGT 209.00-207.00.MCX
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