Sell Copper Nov 2021 @ 745.00 SL 752.00 TGT 738.00-734.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 731.3-750.7.
Copper prices eased, as the dollar held near a 16-month high on expectations of a U.S. rate hike.
China’s industrial output and retail sales grew more quickly than expected in October
On-warrant copper stocks in LME warehouses have risen to 50,300 tonnes from 14,150 tonnes last month
Warehouse stock for Copper at LME was at 95700mt that is down by -4600mt.
SELL COPPER NOV 2021 @ 745.00 SL 752.00 TGT 738.00-734.00.MCX
ZINC
Zinc trading range for the day is 266.5-279.1.
Zinc prices dropped as the smelters’ output picked up in November, and the arrivals in Tianjin and Guangdong rose
The total zinc ingot inventories across seven major markets in China totalled 135,200 mt, up 3,900 mt
Traders were awaiting for fresh cues on the U.S. economy after bringing forward bets last week for a Federal Reserve interest rate hike
Warehouse stock for Zinc at LME was at 182750mt that is down by -525mt.
SELL ZINC NOV 2021 @ 277.00 SL 279.00 TGT 274.50-272.50.MCX
NICKEL
Nickel trading range for the day is 1494.7-1540.1.
Nickel dropped as data showed that the real estate market in China has been gloomy evidenced by the new housing starts readings.
China Oct industrial output rises 3.5% y/y
China’s retail sales in October rose 4.9% compared to the same period last year.
Warehouse stock for Nickel at LME was at 129570mt that is down by -708mt.
SELL NICKEL NOV 2021 @ 1535.00 SL 1550.00 TGT 1516.00-1502.00.MCX
ALUMINIUM
Aluminium trading range for the day is 206.6-216.2.
Aluminium prices dropped as China's aluminium output rose in October from the prior month
The United States said it would open talks with Japan that could lead to an easing of tariffs on steel and aluminum imports
Data showed that China's social inventories of aluminium across eight consumption areas dropped 6,000 mt
Warehouse stock for Aluminium at LME was at 968450mt that is down by -6250mt.
SELL ALUMINIUM NOV 2021 @ 214.00 SL 216.00 TGT 212.00-210.00.MCX
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