Buy Aluminium AUG 2022 @ 206.00 SL 202.00 TGT 214.00-220.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 632.9-657.3.
Copper rose as 10-year US Treasury note yield retreated to the 2.7% level, closing in on its lowest level since April
Brewing tensions between the US and China and signs of slowdown in major economies are also keeping markets on edge
Meanwhile, major copper producers have recently reported declining output and flagged supply risks, providing a floor to copper prices.
Warehouse stock for Copper at LME was at 129575mt that is down by -675mt
BUY COPPER AUG 2022 @ 642.00 SL 637.00 TGT 650.00-658.00.MCX
ZINC
Zinc trading range for the day is 287.1-322.7.
Zinc prices rallied after top producer Glencore Plc warned that Europe’s energy crisis poses a substantial threat to supply.
European zinc output under threat as energy prices spike
SHFE/LME price ratio dropped to 6.92
Warehouse stock for Zinc at LME was at 70000mt that is up by 3075mt
BUY ZINC AUG 2022 @ 304.00 SL 300.00 TGT 310.00-315.00.MCX
NICKEL
Nickel trading range for the day is 642.8-642.8.
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 57900mt that is unchange mt
SELL NICKEL AUG 2022 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX
ALUMINIUM
Aluminium trading range for the day is 206-211.6.
Aluminium recovered showing resillience as investors weigh threats to growth after Fed officials signaled again that they will do what’s required to cool high inflation
US-China tensions are also clouding the outlook following House Speaker Nancy Pelosi’s visit to Taiwan.
The aluminium ingot social inventories across China’s eight major markets totalled 678,000 mt as of August 1, up 7,000 mt from last Thursday
Warehouse stock for Aluminium at LME was at 290675mt that is down by -3875mt.
BUY ALUMINIUM AUG 2022 @ 206.00 SL 202.00 TGT 214.00-220.00.MCX
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