Buy Aluminium JUN 2022 @ 231.00 SL 227.00 TGT 238.00-242.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 787.9-820.7.
Copper prices dropped on profit booking after copper inventories rose 4.3% in SHFE warehouse
Chile's copper production fell in April, government body Cochilco said
Codelco output down 6.1% year-on-year to 116,000 tonnes and Collahuasi's production dropping by a sharp 26.5%
Warehouse stock for Copper at LME was at 145950mt that is down by -3250mt.
BUY COPPER JUN 2022 @ 795.00 SL 790.00 TGT 806.00-812.00.MCX
ZINC
Zinc trading range for the day is 328.6-343.2.
Zinc dropped as China's refined zinc output rose as COVID-related transportation disruptions eased and new capacity started up.
Further zinc output is expected to rise to rise to 453,000 tonnes on recovering logistics and raw material supplies
The global zinc market moved to a deficit of 6,300 tonnes in March from a revised surplus of 26,500 tonnes a month earlier
Warehouse stock for Zinc at LME was at 83575mt that is down by -1100mt.
BUY ZINC JUN 2022 @ 332.00 SL 327.00 TGT 340.00-345.00.MCX
NICKEL
Nickel trading range for the day is 768-768.
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 71472mt that is down by -246mt.
SELL NICKEL JUN 2022 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX
ALUMINIUM
Aluminium trading range for the day is 229.1-236.9.
Aluminum prices dropped amid slowing demand and rising output.
China's aluminium production hit a record high after curbs on power production eased
However, aluminum smelters in Europe continue to curtail production due to high energy costs
Warehouse stock for Aluminium at LME was at 453875mt that is down by -5000mt.
BUY ALUMINIUM JUN 2022 @ 231.00 SL 227.00 TGT 238.00-242.00.MCX
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