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Sell Copper Oct 2022 @ 655.00 SL 660.00 TGT 650.00-646.00.MCX - Kedia Advisory
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Copper
Copper trading range for the day is 643.4-663.4.
Copper dropped pressured by growth, China concerns
IMF downgraded its 2023 growth forecast for the global economy, citing high inflation, tighter financial conditions, and the lingering Covid-19 pandemic
A strong dollar continued to weigh on copper prices as well amid expectations that the US Federal Reserve will continue to aggressively raise interest rates.
Warehouse stock for Copper at LME was at 145525mt that is down by -225mt
SELL COPPER OCT 2022 @ 655.00 SL 660.00 TGT 650.00-646.00.MCX
ZINC
Zinc trading range for the day is 264.5-277.7
Zinc prices gains on short covering tracking rise in aluminum prices
The International Monetary Fund expected China's economic growth to contract to 3.2% this year from an 8.1% expansion in 2021
Glencore said it would place its Nordenham smelter in Germany on care and maintenance from Nov. 1
Warehouse stock for Zinc at LME was at 53100mt that is down by -175mt
SELL ZINC OCT 2022 @ 273.00 SL 276.00 TGT 270.00-268.00.MCX
NICKEL
Nickel trading range for the day is 633.3-633.3.
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 52728mt that is up by 702mt.
SELL NICKEL OCT 2022 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX
ALUMINIUM
Aluminium trading range for the day is 190.1-220.1.
Aluminium prices rallied after reports US considering a total ban on Russian aluminium
China's social financing scale added 3.53 trillion yuan in September, 624.5 billion yuan more than a year earlier
Japanese buyers have agreed to price aluminum arriving in Japan in the fourth quarter at a premium of $99/mt over the LME cash price
Warehouse stock for Aluminium at LME was at 336275mt that is up by 10475mt.
SELL ALUMINIUM OCT 2022 @ 208.00 SL 210.00 TGT 205.00-202.00.MCX
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