Sell Copper Nov 2021 @ 736.00 SL 742.00 TGT 730.00-726.50.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 722.3-744.3.
Copper settled flat amid renewed worries about demand in top consumer China, expectations of a more balanced market over the coming months.
Copper stocks in LME warehouses at a third of August levels
China copper premiums hit record high on tight stocks
Warehouse stock for Copper at LME was at 86525mt that is down by -3350mt.
SELL COPPER NOV 2021 @ 736.00 SL 742.00 TGT 730.00-726.50.MCX
ZINC
Zinc trading range for the day is 260-285.6.
Zinc prices rallied as the zinc ingot output estimate for December has been revised down by 10,000 mt due to production reduction
The total social inventory of zinc ingot across seven major markets in China stood at 130,800 mt, up 2,100 mt from last Friday
China stands pat on lending benchmark LPR in November
Warehouse stock for Zinc at LME was at 175025mt that is down by -2375mt.
SELL ZINC NOV 2021 @ 266.50 SL 268.50 TGT 264.00-262.50.MCX
NICKEL
Nickel trading range for the day is 1508.4-1572.2.
Nickel prices gained as China’s and LME nickel inventories were both at a low level, supporting nickel prices.
The stainless steel and NPI markets have been quiet, and NPI prices have shown signs of pulling back.
Global nickel market deficit shrinks in Sept to 5,200 tonnes – INSG
Warehouse stock for Nickel at LME was at 121218mt that is down by -2226mt.
SELL NICKEL NOV 2021 @ 1535.00 SL 1550.00 TGT 1518.00-1506.00.MCX
ALUMINIUM
Aluminium trading range for the day is 206.3-216.7.
Aluminium remained in range as market’s worries over possible reductions in supply were eased after Yunnan Aluminium has resumed its capacity
China October aluminium imports rise 17.4% from prior month
Global primary aluminium output rises to 5.689 mln T in Oct – IAI
Warehouse stock for Aluminium at LME was at 943125mt that is down by -5525mt.
SELL ALUMINIUM NOV 2021 @ 212.50 SL 215.00 TGT 210.00-208.50.MCX
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