Sell Copper Dec 2021 @ 748.00 SL 754.00 TGT 742.00-738.50.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 715-749.2.
Copper prices fell as a newly identified COVID-19 variant in South Africa fuelled concerns of an economic slowdown.
Copper inventories in warehouses monitored by the Shanghai Futures Exchange rose 19.9 percent from last Friday.
Fed’s an early rate hike could trim liquidity in financial markets and slow recovery in the world's biggest economy.
Warehouse stock for Copper at LME was at 83800mt that is up by 1200mt.
SELL COPPER DEC 2021 @ 748.00 SL 754.00 TGT 742.00-738.50.MCX
ZINC
Zinc trading range for the day is 260.9-279.7.
Zinc prices dropped as the market panics arouse by overseas energy crisis were being digested.
The total social zinc inventory across seven major places of consumption stood at 135,100 mt, up 4,300 mt from Monday November 22
The global zinc market deficit widened to 44,000 tonnes in September from a downwardly revised shortfall of 14,000 tonnes in August
Warehouse stock for Zinc at LME was at 163275mt that is down by -1950mt.
SELL ZINC DEC 2021 @ 278.00 SL 280.50 TGT 275.00-272.50.MCX
NICKEL
Nickel trading range for the day is 1498.2-1604.2.
Nickel prices dropped as the COVID in South Africa worsened, pushing down prices.
However, production has been hit badly in the top producer Philippines due to the rainy season.
Meanwhile, inventories at LME warehouses depleted by 130,000 tonnes this year and combined exchange warehouse stocks declined to 143,888 tonnes
Warehouse stock for Nickel at LME was at 115446mt that is down by -1266mt.
SELL NICKEL DEC 2021 @ 1590.00 SL 1610.00 TGT 1565.00-1552.00.MCX
ALUMINIUM
Aluminium trading range for the day is 202.9-219.5.
Aluminium dropped as the market feared the new COVID variant detected in South Africa with higher infection rate
Data showed that China's social inventories of aluminium across eight consumption areas dropped 21,000 mt
Global primary aluminium output rises to 5.689 mln T in Oct – IAI
Warehouse stock for Aluminium at LME was at 915850mt that is down by -3375mt.
SELL ALUMINIUM DEC 2021 @ 218.00 SL 220.00 TGT 215.50-214.00.MCX
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