Buy Aluminium Jul 2022 @ 205.00 SL 202.00 TGT 210.00-212.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 620.5-665.3.
Copper slumped weighed down by a strong dollar and threats to demand from heightened fears of a global recession and renewed lockdowns in China.
Adding to growth worries, business growth across the euro zone slowed further last month.
The world refined copper market showed a 3,000 tonne surplus in April, compared with a 22,000 tonne deficit in March, the ICSG said
Warehouse stock for Copper at LME was at 135775mt that is down by -625mt.
BUY COPPER JUL 2022 @ 640.00 SL 635.00 TGT 648.00-654.00.MCX
ZINC
Zinc trading range for the day is 261.8-282.6.
Zinc gained as China's refined zinc output stood at 490,300 mt in June, down 24,900 mt or 4.84% MoM.
In the spot market, smelters’ production dropped, resulting in less sources circulating in the market.
However, investors' fears deepened that the continent is leading the world into recession.
Warehouse stock for Zinc at LME was at 83150mt that is unchange mt.
BUY ZINC JUL 2022 @ 270.00 SL 265.00 TGT 278.00-282.00.MCX
NICKEL
Nickel trading range for the day is 681-681.
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 66078mt that is down by -246mt.
SELL NICKEL JUL 2022 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX
ALUMINIUM
Aluminium trading range for the day is 201.9-212.3.
Aluminium prices remained supported as China's Caixin service PMI rebounded sharply to 54.5 in June, hitting an 11-month high.
The People's Bank of China conducted a 7-day reverse repurchase operation of 3 billion yuan for the second consecutive day
The supply pressure has been great with steady commissioning of new capacities and resumption of existing capacities.
Warehouse stock for Aluminium at LME was at 358125mt that is down by -4400mt.
BUY ALUMINIUM JUL 2022 @ 205.00 SL 202.00 TGT 210.00-212.00.MCX
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