Sell Zinc Dec 2021 @ 270.00 SL 273.00 TGT 266.50-264.40.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 717.4-743.4.
Copper rises amid signs of supply disruption in peru
Chile's Codelco, saw output in October drop 9.9% year-on-year to 144,100 tonnes, Chilean state copper commission Cochilco said.
BHP's Escondida, saw production fall 15.2% year-on-year to 84,700 tonnes in the same month.
Warehouse stock for Copper at LME was at 77875mt that is down by -475mt.
SELL COPPER DEC 2021 @ 728.00 SL 735.00 TGT 719.00-714.00.MCX
ZINC
Zinc trading range for the day is 264-272.2.
Zinc settled flat amid worries about the global spread of the Omicron variant of the coronavirus, however, dampened upside momentum.
Top metals consumer China cut its reserve requirement for banks, fanning hopes for stronger economic growth and industrial metals demand.
China's central bank said it would cut the amount of cash that banks must hold as reserves, its second such move this year
Warehouse stock for Zinc at LME was at 152650mt that is down by -700mt.
SELL ZINC DEC 2021 @ 270.00 SL 273.00 TGT 266.50-264.40.MCX
NICKEL
Nickel trading range for the day is 1511.3-1572.7.
Nickel dropped as the market was pessimistic amid accelerated tapering progress of US Federal Reserve and lower US GDP estimate in 2022.
However, the China central bank’s decision to reduce RRR rate, announced, has supported the market to some point
London Metal Exchange (LME) nickel stocks have been falling relentlessly since April of this year.
Warehouse stock for Nickel at LME was at 110688mt that is down by -1902mt.
SELL NICKEL DEC 2021 @ 1560.00 SL 1580.00 TGT 1538.00-1524.00.MCX
ALUMINIUM
Aluminium trading range for the day is 207.8-212.8.
Aluminium fell as sentiments turned more cautious after the Fed announced to accelerate the bond buying taper, and the Omicron variant triggered panic.
China lowers the reserve requirement ratio for banks by 0.5%, effective December 15th
PBoC: RRR will be reduced to free up 1.2 trillion yuan in liquidity
Warehouse stock for Aluminium at LME was at 898450mt that is up by 15650mt.
SELL ALUMINIUM DEC 2021 @ 213.00 SL 215.50 TGT 210.50-209.00.MCX
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