Sell Copper Nov 2021 @ 738.00 SL 745.00 TGT 730.00-725.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 716.7-748.1.
Copper dropped as China's October factory gate inflation hit a 26-year high and trimmed hopes of policy easing in the world's biggest consumer of the metal.
However downside seen limited as signs of tight supply offset concerns that economic growth is slowing in China.
China's producer price index climbed 13.5% from a year earlier in October, a pace not seen since July 1995
Warehouse stock for Copper at LME was at 106125mt that is down by -3425mt.
SELL COPPER NOV 2021 @ 738.00 SL 745.00 TGT 730.00-725.00.MCX
ZINC
Zinc trading range for the day is 272.9-283.7.
Zinc prices dropped amid concerns that economic growth is slowing in China.
Zinc smelters in China made 441,000 tonnes of the metal in October, down 14,000 tonnes from September but up 9.2% year-on-year.
While the production of smelters are unlikely to return to the peak level either amid shrinking profits.
Warehouse stock for Zinc at LME was at 187450mt that is down by -2675mt.
SELL ZINC NOV 2021 @ 279.00 SL 284.00 TGT 274.00-272.00.MCX
NICKEL
Nickel trading range for the day is 1482.4-1546.8.
Nickel gains as nickel output from the Philippines, is expected to be 10% lower than the annual average
Data showed nickel production at Russian miner Nornickel fell 23% from a year earlier to 129,858 tons in the first three quarters of the year
China’s refined nickel output stood at 14,500 mt in October, up 1.48% or 212 mt monthon-month.
Warehouse stock for Nickel at LME was at 133002mt that is down by -1170mt.
SELL NICKEL NOV 2021 @ 1510.00 SL 1526.00 TGT 1492.00-1480.00.MCX
ALUMINIUM
Aluminium trading range for the day is 201.5-211.1.
Aluminium gained supported by solid demand from the manufacturing industry and as energy consumption restrictions persist
China's factory gate inflation hits 26-year high as pressures grow
MoM growth of US PPI in October rose by 0.6 percentage point, indicating that high inflation may stay for some time
Warehouse stock for Aluminium at LME was at 985275mt that is down by -6100mt.
SELL ALUMINIUM NOV 2021 @ 206.50 SL 209.00 TGT 203.00-201.50.MCX
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