Buy Copper Jun 2022 @ 772.00 SL 767.00 TGT 780.00-785.00. MCX - Kedia Advisory
COPPER
Copper trading range for the day is 769-782.
Copper rose as a weaker U.S. dollar underpinned prices, although worries about an economic slowdown in top metals consumer China persisted.
China's industrial profit falls sharply in April amid COVID curbs
Copper inventories in warehouses monitored by the Shanghai Futures Exchange fell 23.7 percent from last Friday.
Warehouse stock for Copper at LME was at 156175mt that is down by -6250mt.
BUY COPPER JUN 2022 @ 772.00 SL 767.00 TGT 780.00-785.00.MCX
ZINC
Zinc trading range for the day is 319-336.4.
Zinc gained as zinc ingot social inventory across seven major markets totalled 14,800 yuan/mt, dropped greatly supporting prices.
Total zinc ingots inventories across seven major markets in China stood at 251,000 mt down 12,900 mt.
Global zinc market flips to deficit of 6,300 T in March – ILZSG
Warehouse stock for Zinc at LME was at 85850mt that is down by -750mt.
BUY ZINC JUN 2022 @ 325.00 SL 320.00 TGT 334.00-338.00.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 72240mt that is down by -60mt.
SELL NICKEL JUN 2022 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX
ALUMINIUM
Aluminium trading range for the day is 238.7-244.3.
Aluminium gained supported by improving demand and falling stocks
The spots in east China were mostly in premiums of 0 yuan/mt, up 10 yuan/mt from a day ago.
The aluminium ingot social inventories across China’s eight major markets totalled 936,000 mt as of May 26, down 29,000 mt
Warehouse stock for Aluminium at LME was at 471075mt that is down by -4575mt.
BUY ALUMINIUM JUN 2022 @ 239.00 SL 235.00 TGT 245.00-248.00.MCX
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