Sell Copper Sep 2021 @ 736.00 SL 742.00 TGT 730.00-726.50.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 711.9-737.5.
Copper settled flat after the United States reported better-than-expected retail sales, which could temper expectations of a slowdown in economic growth
China's refined copper output in August rose 1.9% year on year to 874,000 tonnes, its highest monthly level since April.
Copper inventories in warehouses monitored by the Shanghai Futures Exchange fell 12.1 percent from last Friday.
Warehouse stock for Copper at LME was at 240800mt that is up by 9600mt.
SELL COPPER SEP 2021 @ 736.00 SL 742.00 TGT 730.00-726.50.MCX
Zinc
Zinc trading range for the day is 252-261.8.
Zinc prices gained as support seen after all industrial enterprises in Taizhou and Xinghua have been required to suspend production until October, 8
China’s zinc output was down 0.6% year on year at 541,000 tonnes.
Total zinc inventories across seven Chinese markets stood at 117,200 mt, down 5,800 mt from September 13 and 2,400 mt from September 10.
Warehouse stock for Zinc at LME was at 225575mt that is down by -1975mt.
SELL ZINC SEP 2021 @ 255.50 SL 257.50 TGT 253.50-252.40.MCX
NICKEL
Nickel trading range for the day is 1410.8-1564.
Nickel gained as market watchers were concerned by ongoing supply constraints of the metal while downstream demand remains resilient.
Talks of output curtailment for nickel pig iron (NPI) also shored up prices.
Indonesia considers export tax for products with less than 70% nickel content
Warehouse stock for Nickel at LME was at 171714mt that is down by -1584mt.
SELL NICKEL SEP 2021 @ 1515.00 SL 1536.00 TGT 1488.00-1476.00.MCX
Aluminium
Aluminium trading range for the day is 224.5-232.3.
Aluminium pared gains on profit booking after seen supported as the rumour came again that power rationing has been carried out in Guizhou, Guangdong and Jiangsu.
Alumina output fell 1.1% year on year to 6.47 mln tonnes.
Yunnan Aluminium has cut its 2021 aluminium output target by over 500,000 tonnes, or almost 18%
Warehouse stock for Aluminium at LME was at 1327725mt that is up by 8575mt.
SELL ALUMINIUM SEP 2021 @ 229.00 SL 231.00 TGT 227.00-225.60.MCX
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