Sell Nickel Sep 2021 @ 1460.00 SL 1480.00 TGT 1430.00-1410.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 671.5-723.7.
Copper prices dropped as a debt crisis at China developer Evergrande Group spurred a selloff across markets and stoked worries over global demand.
Copper market in 90,000 tonnes deficit in Jun 2021 – ICSG
Chile’s copper commission Cochilco forecast the global copper market to be in a supply deficit of 153,000 tonnes in 2021
Warehouse stock for Copper at LME was at 231075mt that is down by -8425mt
SELL COPPER SEP 2021 @ 710.00 SL 714.00 TGT 704.00-700.00.MCX
Zinc
Zinc trading range for the day is 250.8-261.2.
Zinc prices gained as support seen after Fitch Solutions said demand was expected to be boosted by strong consumption.
Fitch Solutions said it had raised the price outlook for zinc this year to $2,900 a tonne from $2,600
The International Metals Study Group, said world demand for refined zinc metal was forecast to rise by 4.3 per cent to 13.78 million tonnes this year
Warehouse stock for Zinc at LME was at 222475mt that is down by -1475mt
SELL ZINC SEP 2021 @ 254.50 SL 256.50 TGT 252.50-251.20.MCX
NICKEL
Nickel trading range for the day is 1391.3-1479.7.
Nickel dropped on growing concern about China’s crackdown on the real-estate sector.
Stocks of nickel in LME-registered warehouses have dropped 35% since April
Global nickel production to recover by 6.8% in 2021 Warehouse stock for Nickel at LME was at 166788mt that is down by -3204mt
SELL NICKEL SEP 2021 @ 1460.00 SL 1480.00 TGT 1430.00-1410.00.MCX
Aluminium
Aluminium trading range for the day is 223.6-232.6.
Aluminium gains on expectations that accelerating production cuts in China to control emissions will create large shortages this year
Global aluminium output drops in August – IAI
China Aug aluminium imports fall 20.7% from prior month
Warehouse stock for Aluminium at LME was at 1315975mt that is down by -10175mt
SELL ALUMINIUM SEP 2021 @ 227.50 SL 229.00 TGT 226.00-225.00.MCX
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