Buy Aluminium Aug 2022 @ 210.00 SL 206.00 TGT 215.00-218.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 635.6-654.6.
Copper prices rallied supported by lower production and stimulus measures in top consumer China.
Mining firm MMG Ltd flagged supply risks as it suspended its copper production targets for the year following a 60% output drop
The global copper market moved to a surplus of 5,000 tonnes in May, from a deficit of 23,000 tonnes a month earlier
Warehouse stock for Copper at LME was at 131700mt that is down by -800mt.
BUY COPPER AUG 2022 @ 638.00 SL 632.00 TGT 646.00-650.00.MCX
ZINC
Zinc trading range for the day is 276.2-291.4.
Zinc gained as dollar index dropped sharply after the US Fed monetary resolution was announced, indicating materialised effect of rate hike.
China says it will do 'utmost' to achieve best possible economic results
Global zinc market moved to deficit of 3,900 T in May, says ILZSG
Warehouse stock for Zinc at LME was at 70800mt that is down by -1025mt.
BUY ZINC AUG 2022 @ 280.00 SL 275.00 TGT 288.00-292.00.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 57990mt that is down by -330mt.
SELL NICKEL AUG 2022 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX
ALUMINIUM
Aluminium trading range for the day is 209.3-217.9.
Aluminium rose as investors anticipated slower U.S. interest rate rises and improved demand from top consumer China.
Market sentiment eased after US Fed Chairman Powell delivered a dovish speech following the announced 75bps rate hike.
Aluminium ingot social inventory stood at 671,000 mt as of Thursday July 28, up 3,000 mt from last Thursday
Warehouse stock for Aluminium at LME was at 295325mt that is down by -4375mt.
BUY ALUMINIUM AUG 2022 @ 210.00 SL 206.00 TGT 215.00-218.00.MCX
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