Buy Copper SEP 2022 @ 664.00 SL 658.00 TGT 670.00-675.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 656.1-682.1.
Copper Falls on Fed rate hike concerns
Copper could experience weakening demand as major economies prioritize price stability over economic expansion.
Copper inventories in LME-registered warehouses fell to 72,250 tonnes from 121,200 tonnes at the start of July
Warehouse stock for Copper at LME was at 120525mt that is down by -1600mt
BUY COPPER SEP 2022 @ 664.00 SL 658.00 TGT 670.00-675.00.MCX
ZINC
Zinc trading range for the day is 313.1-320.5.
nc prices dropped amid surging US dollar index and rattled market nerves, despite supply tightness caused by energy crisis.
Zinc ingot social inventory stood at 123,300 mt across the seven major markets in China, down 2,700 mt from last Monday
Chinese Yuan languishes at 2-year lows
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 610.8-610.8.
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 212.6-217.
Aluminum dropped as the power supply toward the industry sector is resuming in Sichuan province
China’s industrial profits fell sharply in July as fresh Covid-19 curbs weighed on demand.
The aluminium ingot social inventories across China’s eight major markets totalled 682,000 mt as of August 29, up 3,000 mt
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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