Buy Aluminium Apr 2022 @ 274.00 SL 270.00 TGT 282.00-286.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 807.4-832.2.
Copper gains after COVID-19 lockdowns in China, traders are hopeful of stimulus to support economic growth
However, upside seen limited as the dollar strengthened and U.S. jobs data boosted expectations of aggressive interest rate hikes by the Federal Reserve
Traders kept a wary eye on the country's COVID-19 lockdowns and its impact on economic output and overall demand.
Warehouse stock for Copper at LME was at 94800mt that is up by 825mt.
BUY COPPER APR 2022 @ 819.00 SL 814.00 TGT 826.00-830.00.MCX
ZINC
Zinc trading range for the day is 334.9-370.3.
Zinc dropped on profit booking as COVID-19 lockdowns could curb metals demand in China.
However, downside seen limited amid lingering concerns of further supply disruptions due to prolonged high energy prices.
On-warrant inventories of zinc in LME warehouses fell to 78,125 tonnes, the lowest since May 2020 and down from about 130,000 tonnes in mid-March.
Warehouse stock for Zinc at LME was at 137675mt that is down by -2275mt.
BUY ZINC APR 2022 @ 348.50 SL 344.00 TGT 354.00-358.00.MCX
NICKEL
Nickel trading range for the day is 2500-2500.
Nickel rose as the nickel ore inventory at Chinese ports dipped 230,000 wmt from a week earlier to 5.887 million wmt.
Sumitomo Metal sees global nickel demand for battery use at 410,000 in 2022
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 72630mt that is down by -186mt.
SELL NICKEL APR 2022 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX
ALUMINIUM
Aluminium trading range for the day is 270.1-285.9.
Aluminium dropped as aluminium production resumption accelerated.
However downside seen limited amid supply disruptions and increased production costs on the heels of Russia's invasion of Ukraine.
Pandemic has restricted downstream operating rates, and aluminium social inventory dropped slowly, with a number of ingot on road.
Warehouse stock for Aluminium at LME was at 629775mt that is down by -6200mt.
BUY ALUMINIUM APR 2022 @ 274.00 SL 270.00 TGT 282.00-286.00.MCX
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