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COPPER

Copper trading range for the day is 622.9-653.5.

Copper extends losses on growth worries

Chile copper output falls 8.6% in July, industrial output down 5.1%

Fed signaled that the fight against inflation would take priority over growth concerns, while ECB is expected to tighten policy more aggressively

Warehouse stock for Copper at LME was at 114325mt that is down by -4175mt.

BUY COPPER SEP 2022 @ 630.00 SL 626.00 TGT 636.00-642.00.MCX

ZINC

Zinc trading range for the day is 279.4-315.

Zinc dropped on concerns about lower demand for the metal mostly used to galvanize steel.

Pressure seen as demand outlook was clouded further by fresh data from major global economies that signaled tepid growth.

August refined zinc output is estimated at 477,500 mt amid influences like power rationing and maintenance

Warehouse stock for Zinc at LME was at 77150mt that is up by 100mt.

BUY ZINC SEP 2022 @ 290.00 SL 286.00 TGT 296.00-298.00.MCX

NICKEL

Nickel trading range for the day is 599-599.

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 54540mt that is down by -72mt.

SELL NICKEL SEP 2022 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX

ALUMINIUM

Aluminium trading range for the day is 199.8-207.6.

Aluminum dropped after China’s lockdown of megacity Chengdu added to demand woes.

There is concern about the metals demand as tighter monetary policy by Fed and China’s Covid Zero strategy look set to undermine global economic growth.

The Caixin China General Manufacturing PMI unexpectedly declined to 49.5 in August 2022 from July’s of 50.4

Warehouse stock for Aluminium at LME was at 276375mt that is down by -675mt.

BUY ALUMINIUM SEP 2022 @ 201.00 SL 198.00 TGT 206.00-209.00.MCX

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