Buy Zinc Sep 2022 @ 278.00 Sl 274.00 Tgt 283.00-285.00.Mcx - Kedia Advisory
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COPPER
Copper trading range for the day is 628.5-647.5.
Copper slips on slowdown fears
In China, major cities have introduced fresh Covid lockdowns that threatened further economic damages and reduced metals demand.
China August unwrought copper imports at 498,188.6 tonnes
Warehouse stock for Copper at LME was at 103300mt that is down by -2700mt.
BUY COPPER SEP 2022 @ 636.00 SL 632.00 TGT 642.00-646.00.MCX
ZINC
Zinc trading range for the day is 276.2-286.
Zinc prices lost ground as the U.S. dollar strengthened further amid worries about a recession in major economies.
China's central bank saying it would cut the amount of foreign exchange reserves, a move seen to help limit yuan weakness.
Meanwhile, worries over global economic growth further clouded metals' demand, outweighing supply concerns spurred by production cuts in Europe.
Warehouse stock for Zinc at LME was at 77350mt that is down by -50mt.
BUY ZINC SEP 2022 @ 278.00 SL 274.00 TGT 283.00-285.00.MCX
NICKEL
Nickel trading range for the day is 602.1-602.1.
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 54240mt that is down by -102mt.
SELL NICKEL SEP 2022 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX
ALUMINIUM
Aluminium trading range for the day is 195.8-200.2.
Aluminium prices dropped as faltering global economic growth weakened the outlook for demand and boosted the dollar.
Weaker than expected trade data in China, the biggest metals consumer, added to a grim picture for the global economy
China exported 540,448.9 tonnes of unwrought aluminium and aluminium products in August, up 10.2% from last month.
Warehouse stock for Aluminium at LME was at 309500mt that is up by 1125mt.
BUY ALUMINIUM SEP 2022 @ 197.00 SL 194.00 TGT 202.00-205.00.MCX
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