Sell Nickel Sep 2022 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX - Kedia Advisory
COPPER
Copper trading range for the day is 670.6-689.4.
Copper dropped after Fed Chairman Powell reassured markets that the Fed will keep interest rates at a restrictive territory
Better-than-expected economic data from the United States and Europe also supported the market.
Copper inventories in warehouses monitored by the Shanghai Futures Exchange rose 11.8 % from last Friday, the exchange said
Warehouse stock for Copper at LME was at 120525mt that is down by -1600mt.
BUY COPPER SEP 2022 @ 674.00 SL 668.00 TGT 682.00-688.00.MCX
ZINC
Zinc trading range for the day is 315-324.8.
Zinc rose amid lingering supply concerns due to production disruptions in Europe and China.
The global zinc market saw a deficit of 1,400 tonnes in June from a revised deficit of 1,900 tonnes a month earlier
Zinc ingot social inventory stood at 125,400 mt as of Friday August 26, down 600 mt from Monday and extending the low
Warehouse stock for Zinc at LME was at 77050mt that is down by -75mt.
BUY ZINC SEP 2022 @ 314.00 SL 310.00 TGT 320.00-324.00.MCX
NICKEL
Nickel trading range for the day is 619.8-619.8.
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 54846mt that is down by -228mt.
SELL NICKEL SEP 2022 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX
ALUMINIUM
Aluminium trading range for the day is 210.2-219.8.
Aluminum gains due to severe power shortages, the 1.07 million mt of installed aluminium capacity in Sichuan is expected to be shut down completely
China's energy shortage could lead to higher demand aluminium as the power constraints highlighted the need for increasing grid investments.
Overseas aluminium smelters also lowered their output due to the intensified energy crisis in Europe
Warehouse stock for Aluminium at LME was at 278025mt that is down by -2100mt.
BUY ALUMINIUM SEP 2022 @ 210.00 SL 207.00 TGT 214.00-217.00.MCX
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