Sell Zinc Oct 2021 @ 253.00 SL 255.00 TGT 250.00-248.20.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 680.2-721.4.
Copper fell amid concerns over demand due to Chinese power restrictions, put in place to keep emissions in check.
The NDRC said it would work to resolve the power shortages that have plagued production since June.
PBoC injects liquidity into market for 10th day
Warehouse stock for Copper at LME was at 219525mt that is down by -1350mt.
SELL COPPER OCT 2021 @ 698.00 SL 706.00 TGT 690.00-684.00.MCX
ZINC
Zinc trading range for the day is 245.9-259.7.
Zinc prices dropped as factory activity in top metals consumer China shrank unexpectedly in September
Domestic zinc inventory continued to fall, which stood at 119,800 mt as of September 30, down 11,500 mt from September 27
Japan's factory output extends declines on car production cuts
Warehouse stock for Zinc at LME was at 208875mt that is down by -3700mt.
SELL ZINC OCT 2021 @ 253.00 SL 255.00 TGT 250.00-248.20.MCX
NICKEL
Nickel trading range for the day is 1336.2-1449.4.
Nickel prices fell as concerns about the timing and pace of the U.S. Federal Reserve’s monetary easing plan kept the dollar near one-year highs.
The U.S. Congressional Budget Office said that the cash and special measures to avoid federal default may be exhausted by the end of October.
China’s manufacturing PMI for September stood at 49.6, which fell again from the previous sessions and was below the market expectation.
Warehouse stock for Nickel at LME was at 157062mt that is down by -1212mt.
SELL NICKEL OCT 2021 @ 1390.00 SL 1410.00 TGT 1368.00-1356.00.MCX
ALUMINIUM
Aluminium trading range for the day is 222.1-236.1.
Aluminium dropped as the social inventories of aluminium and aluminium billet have been on the rise
While the supply of aluminium continued to fall amid intensifying power rationing, underpinning aluminium prices.
National Food and Strategic Reserves Administration has decided to release the fourth batch of national reserves with an amount of 70,000 mt of aluminium
Warehouse stock for Aluminium at LME was at 1238300mt that is down by -10325mt.
SELL ALUMINIUM OCT 2021 @ 229.00 SL 231.00 TGT 226.80-225.30.MCX
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