Sell Copper Nov 2021 @ 766.00 SL 774.00 TGT 758.00-754.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 731.4-771.
Copper dropped as China had asked major coal-producing provinces to investigate and regulate illegal storage sites and to crack down on hoarding.
China industrial profit growth accelerates in Sept despite cost pressures
The market has been increasingly cared about the signs for an early interest rate hike ahead of the Fed’s interest rate meeting.
Warehouse stock for Copper at LME was at 153675mt that is down by -1475mt.
SELL COPPER NOV 2021 @ 766.00 SL 774.00 TGT 758.00-754.00.MCX
ZINC
Zinc trading range for the day is 270.6-288.2.
Zinc prices dropped as declining thermal coal prices eased supply concerns.
The supply and demand of zinc are both weak, and the rising social inventories of zinc ingots have exacerbated market pessimism
The global zinc market deficit declined to 14,900 tonnes in August from a revised deficit of 40,400 tonnes in July
Warehouse stock for Zinc at LME was at 196625mt that is down by -1400mt.
SELL ZINC NOV 2021 @ 285.00 SL 288.50 TGT 281.00-278.00.MCX
NICKEL
Nickel trading range for the day is 1465.1-1596.5.
Nickel prices dropped as global nickel market deficit shrinks in August to 15,500 T
The premium of LME cash nickel over the three-month contract shot up to $189 a tonne, indicating tightness of nearby supplies
Nickel pig iron market in China continues to be very tight due to power rationing and some supply concerns from Indonesia and the Philippines
Warehouse stock for Nickel at LME was at 142662mt that is up by 1410mt.
SELL NICKEL NOV 2021 @ 1575.00 SL 1590.00 TGT 1558.00-1545.00.MCX
ALUMINIUM
Aluminium trading range for the day is 205.6-233.8.
Aluminium dropped tracking Shanghai aluminium hits 2 – month low as coal prices drop
Aluminium premiums in Europe declined, with backwardations on further forward LME spreads spurring a sell-off of physical units
PBoC injected a total CNY 200 billion of seven-day reverse repos at an interest rate of 2.2 percent on October 27th
Warehouse stock for Aluminium at LME was at 1055300mt that is down by -9125mt.
SELL ALUMINIUM NOV 2021 @ 231.00 SL 234.00 TGT 228.00-226.00.MCX
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