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COPPER

Copper trading range for the day is 623.7-644.3.

Copper prices remained supported amid weaker dollar, but prices remained under pressure as slowing economic growth clouds the demand outlook.

Global copper market shifts to a 5,000 tonne surplus in May – ICSG

Speculative investors are becoming less bearish, cutting their net short position in COMEX copper to around 14,500 contracts from around 26,500 in early July.

Warehouse stock for Copper at LME was at 133175mt that is down by -750mt.

BUY COPPER AUG 2022 @ 625.00 SL 620.00 TGT 634.00-640.00.MCX

Zinc

Zinc trading range for the day is 269.2-275.

Zinc prices dropped as market sentiment was weak amid easing ore supply tightness that resulted in weaker cost supply.

The economy is at a critical point of stabilisation and recovery, with priority given to ensuring that the goal of stable employment and prices.

Global zinc market moved to deficit of 3,900 T in May, says ILZSG

Warehouse stock for Zinc at LME was at 72525mt that is up by 50mt.

BUY ZINC AUG 2022 @ 270.00 SL 266.00 TGT 276.00-280.00.MCX

NICKEL

Nickel trading range for the day is 650.3-650.3.

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 60168mt that is down by -594mt.

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

Aluminium

Aluminium trading range for the day is 206.2-214.2.

Aluminium dropped as fears of a demand-sapping global recession and higher production levels continued to hang over the market.

Prices came under significant pressure as increasingly hawkish central banks and soaring energy prices dented industrial activity.

China continued to increase production as smelters recovered from last year’s aggressive energy efficiency targets and recent coronavirus-induced halts.

Warehouse stock for Aluminium at LME was at 308050mt that is down by -5125mt.

BUY ALUMINIUM AUG 2022 @ 207.00 SL 202.00 TGT 214.00-218.00.MCX

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