Sell Copper November 2022 @ 685.00 SL 690.00 TGT 678.00-674.00.MCX - Kedia Advisory
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Copper
Copper trading range for the day is 674.1-692.9.
Copper prices dropped suppressed by a firmer dollar and fading hopes for a pause in U.S. interest rate hikes.
New home prices in China fell at their fastest pace in over seven years in October
India bucks global trend with robust copper demand this year
Warehouse stock for Copper at LME was at 89925mt that is up by 250mt
SELL COPPER NOV 2022 @ 685.00 SL 690.00 TGT 678.00-674.00.MCX
Zinc
Zinc trading range for the day is 263.7-274.9.
Zinc dropped as a spike in COVID-19 cases in the southern province of Guangdong sparked worries over a return to broader lockdowns.
The surge in cases tempered recent enthusiasm over signs that China was easing its strict policy on COVID-related restrictions.
Data showed that the China refined zinc output in October fell slightly short of expectation and stood at 514,100 mt, up 2.02%
Warehouse stock for Zinc at LME was at 42750mt that is down by -50mt
SELL ZINC NOV 2022 @ 272.00 SL 276.00 TGT 267.00-263.00.MCX
Nickel
Nickel trading range for the day is 2418.2-2418.2.
Nickel settled flat as Sumitomo Metal sees global nickel demand for battery use at 410,000 in 2022
Global nickel market sees surplus in February – INSG
Nickel briquette prices stood above 200,000 yuan/mt, and demand from nickel sulphate plants may contract.
Warehouse stock for Nickel at LME was at 49500mt that is down by -426mt
SELL NICKEL NOV 2022 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX
Aluminium
Aluminium trading range for the day is 203.9-210.7.
Aluminum dropped as the production resumption and commissioning in Sichuan, Guangxi and Inner Mongolia was progressing smoothly.
Aluminium production cuts in Henan reached 80,000 mt, and remained stable in the other regions.
LME has decided against banning Russian metal from being traded and stored in its warehouses
Warehouse stock for Aluminium at LME was at 528250mt that is down by -4725mt.
SELL ALUMINIUM NOV 2022 @ 209.00 SL 212.00 TGT 205.00-202.00.MCX
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