Buy Aluminium Jul 2022 @ 208.00 SL 205.00 TGT 214.00-218.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 661.6-700.2.
Copper extended losses as fears of a demand-sapping recession continued to hang over the market.
Still, news that China eased Covid-19 restrictions in Shanghai and relaxed testing mandates lifted prospects for higher demand.
Industrial data showed improved factory activity in top consumer China.
Warehouse stock for Copper at LME was at 126850mt that is up by 2575mt.
BUY COPPER JUL 2022 @ 675.00 SL 670.00 TGT 684.00-690.00.MCX
ZINC
Zinc trading range for the day is 265-294.8.
Zinc prices dropped as sharp interest rate hikes and weak economic data fan fears of a recession.
Factory data dampen global hopes for 'soft landing'
Global zinc market flips to surplus of 10,900 T in April – ILZSG
Warehouse stock for Zinc at LME was at 82800mt that is up by 1725mt.
BUY ZINC JUL 2022 @ 272.00 SL 268.00 TGT 278.00-280.00.MCX
NICKEL
Nickel trading range for the day is 670.7-670.7.
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 66498mt that is down by -282mt.
SELL NICKEL JUL 2022 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX
ALUMINIUM
Aluminium trading range for the day is 202.8-215.8.
Aluminium gained as the refineries has slashed its operating capacity due to the tight supply of bauxite
Central banks are raising interest rates sharply to rein in soaring inflation, restraining economic growth.
Some Japanese aluminium buyers have agreed at least with two global producers to pay a premium of $148 a tonne.
Warehouse stock for Aluminium at LME was at 369675mt that is down by -3600mt.
BUY ALUMINIUM JUL 2022 @ 208.00 SL 205.00 TGT 214.00-218.00.MCX
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