Buy Aluminium Jul 2022 @ 206.00 SL 200.00 TGT 214.00-220.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 644-674.4.
Copper dropped as worries about demand in top consumer China were reinforced by a stronger dollar.
Shanghai copper warehouse stocks up by 2,692 tonnes
Chile, saw exports of the red metal reach $3.975 billion in June, the central bank said
Warehouse stock for Copper at LME was at 133025mt that is down by -2325mt.
BUY COPPER JUL 2022 @ 650.00 SL 645.00 TGT 662.00-670.00.MCX
ZINC
Zinc trading range for the day is 271.5-284.9.
Zinc dropped as the investors weighed surging US dollar index, indicating recession fears
However, downside seen limited as hopes of new stimulus in China helped ease concerns about the global economy.
Elevated energy prices have added further strains to smelting activity, especially in Europe, which is facing a severe natural gas crisis
Warehouse stock for Zinc at LME was at 82875mt that is down by -150mt.
BUY ZINC JUL 2022 @ 272.00 SL 268.00 TGT 278.00-282.00.MCX
NICKEL
Nickel trading range for the day is 672.5-672.5.
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 65430mt that is down by -288mt.
SELL NICKEL JUL 2022 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX
ALUMINIUM
Aluminium trading range for the day is 206-214.8.
Aluminium dropped amid prospects of a global recession but hopes of stimulus to support top consumer China's economy limited downside
China's economy is recovering but the foundation of that recovery is not solid and more efforts are still needed.
The premium for aluminium shipments to Japanese buyers for July to September was set at $148 a tonne, down 14% from the previous quarter
Warehouse stock for Aluminium at LME was at 347175mt that is down by -6000mt.
BUY ALUMINIUM JUL 2022 @ 206.00 SL 200.00 TGT 214.00-220.00.MCX
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