Buy Aluminium Sep 2022 @ 195.00 SL 192.00 TGT 199.00-202.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 640.2-655.2.
Copper dropped amid signs of lower demand for industrial and construction inputs in top consumer China.
Chinese NBS pointed to a further decline in prices in the country’s important real estate sector, and new home prices fell
New Covid outbreaks in Guangzhou and Shenzhen led governments to enforce lockdowns for millions, adding to concerns of lower economic activity.
Warehouse stock for Copper at LME was at 105075mt that is up by 3075mt.
BUY COPPER SEP 2022 @ 646.00 SL 640.00 TGT 653.00-658.00.MCX
ZINC
Zinc trading range for the day is 275.7-286.7.
Zinc prices recovered amid persistent supply concerns.
PBoC cuts 14-day reverse repo rate to 2.15%
FDI into china rises 16.4%yoy in Jan-August
Warehouse stock for Zinc at LME was at 75675mt that is down by -25mt.
BUY ZINC SEP 2022 @ 280.00 SL 276.00 TGT 285.00-288.00.MCX
NICKEL
Nickel trading range for the day is 658.3-658.3.
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 51702mt that is up by 12mt.
SELL NICKEL SEP 2022 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX
ALUMINIUM
Aluminium trading range for the day is 194.3-200.1.
Aluminium dropped as concerns about an economic and manufacturing slowdown prevailed.
Some pressure also seen on fears of oversupply when LME warehouse aluminum stockpiles increased by 11% from their lows.
China's aluminium imports in August dropped 19% from a year earlier to 200,440 tonnes.
Warehouse stock for Aluminium at LME was at 346325mt that is down by -1325mt.
BUY ALUMINIUM SEP 2022 @ 195.00 SL 192.00 TGT 199.00-202.00.MCX
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