Sell Zinc December 2022 @ 264.00 SL 268.00 TGT 260.00-257.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 669.2-686.6.
Copper prices dropped as a surge in COVID-19 cases in China to record levels and expanding lockdowns in the country are hurting metals demand.
Workers at BHP's Escondida mine in Chile reject offer, threaten strike
Shanghai warehouse copper stocks down 18.1%
Warehouse stock for Copper at LME was at 90750mt that is up by 600mt.
SELL COPPER DEC 2022 @ 675.00 SL 680.00 TGT 670.00-667.00.MCX
ZINC
Zinc trading range for the day is 261.3-266.1.
Zinc gains as China stepped up efforts to support the economy
China imported 1,007 mt of refined zinc in October, down 77.55% on the month and 97.54% on the year.
European zinc producers had to either shut down their smelters entirely or cut production down this year due to high energy costs and low inventories.
Warehouse stock for Zinc at LME was at 41450mt that is unchange mt.
SELL ZINC DEC 2022 @ 264.00 SL 268.00 TGT 260.00-257.00.MCX
NICKEL
Nickel trading range for the day is 733.1-733.1.
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 51732mt that is up by 330mt.
SELL NICKEL DEC 2022 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX
ALUMINIUM
Aluminium trading range for the day is 204-209.6.
Aluminum dropped weighed down by a stronger dollar and as a spike in Covid-19 cases in top consumer China clouded the demand outlook.
China frees up $70 bln for banks to underpin slowing economy
The aluminium ingot social inventories across China’s eight major markets hit a new low of 518,000 mt
Warehouse stock for Aluminium at LME was at 506275mt that is down by -3175mt.
SELL ALUMINIUM DEC 2022 @ 206.00 SL 208.00 TGT 203.00-201.00.MCX
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