Buy Zinc Jun 2022 @ 320.00 SL 315.00 TGT 328.00-332.00. MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 760.9-778.1.
Copper settled flat as concerns grew that the global economy may plunge into a recession and dampen demand for industrial metals.
China's central bank said it would promote more credit for smaller firms and boost financial institutions' confidence to lend funds
Copper market in 25,000 tonne deficit in March 2022 – ICSG
Warehouse stock for Copper at LME was at 162425mt that is down by -5725mt.
BUY COPPER JUN 2022 @ 767.00 SL 762.00 TGT 774.00-780.00.MCX
ZINC
Zinc trading range for the day is 315.1-325.3.
Zinc dropped as concerns grew that the global economy may plunge into a recession and dampen demand for metals.
The IIF lowered its forecast for global GDP growth this year from 4.6% to 2.3%, with the G3 (US, Eurozone and Japan) growing at 1.9% this year.
On the supply side, domestic ore supply was still tight, while LME inventory remained low.
Warehouse stock for Zinc at LME was at 86600mt that is up by 1550mt.
BUY ZINC JUN 2022 @ 320.00 SL 315.00 TGT 328.00-332.00.MCX
NICKEL
Nickel trading range for the day is 2124-2124.
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 72300mt that is down by -300mt.
SELL NICKEL JUN 2022 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX
ALUMINIUM
Aluminium trading range for the day is 238.3-244.9.
Aluminium dropped as market is still featured by weak fundamentals, as the supply grows more slowly while the demand remains relatively poor.
In China, the central government once again held a video meeting to highlight of importance of stable economic growth
The Fed’s latest monetary meeting minutes, all participants supported a 50-basis-point rate hike to fight the inflation
Warehouse stock for Aluminium at LME was at 475650mt that is down by -6000mt.
BUY ALUMINIUM JUN 2022 @ 239.00 SL 235.00 TGT 245.00-248.00.MCX
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