Sell Nickel Nov 2022 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 651.6-666.8.
Copper steadied as rising expectations that China will ease COVID-19 controls next year.
However, COVID restrictions currently in force are disrupting Chinese industry and data this week showed a slump in factory activity around the world.
China able to maintain normal monetary policy, positive interest rates – central bank
Warehouse stock for Copper at LME was at 102225mt that is down by -4200mt.
BUY COPPER NOV 2022 @ 652.00 SL 648.00 TGT 658.00-660.00.MCX
ZINC
Zinc trading range for the day is 251.4-261.4.
Zinc prices dropped as manufacturing slump points to weak demand
China could lift strict COVID-19 controls next year, raising hopes of stronger demand.
Glencore cuts zinc output guidance after production drops 18% in nine months
Warehouse stock for Zinc at LME was at 44225mt that is down by -600mt.
BUY ZINC NOV 2022 @ 252.00 SL 248.00 TGT 258.00-262.00.MCX
NICKEL
Nickel trading range for the day is 1938.3-1938.3.
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 51588mt that is down by -438mt
SELL NICKEL NOV 2022 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX
ALUMINIUM
Aluminium trading range for the day is 197.2-203.6.
Aluminum gains amid easing macro sentiment with China October Caixin manufacturing PMI record a slightly higher-than-expected reading
China to keep local government debt, fiscal deficit at reasonable levels
Japan aluminium stocks down 5% m/m in September
Warehouse stock for Aluminium at LME was at 581050mt that is down by -2925mt.
BUY ALUMINIUM NOV 2022 @ 198.00 SL 196.00 TGT 202.00-204.00.MCX
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