Buy Aluminium Jul 2022 @ 211.00 SL 207.00 TGT 216.00-220.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 687.3-718.1.
Copper dropped as investors weighed the likelihood of rapid interest rate hikes hurting economic growth and metals demand.
China c.bank promises to step up implementation of prudent monetary policy
The world refined copper market showed a 3,000 tonne surplus in April, compared with a 22,000 tonne deficit in March
Warehouse stock for Copper at LME was at 123825mt that is down by -800mt.
BUY COPPER JUL 2022 @ 700.00 SL 694.00 TGT 708.00-712.00.MCX
ZINC
Zinc trading range for the day is 294.9-305.5.
Zinc dropped as fears over a global economic slowdown, higher interest rates and weak economic readings kept investors on the edge.
Although cooling market sentiment, while the market confidence may be boosted by loosening pandemic control measures in China
China's economy has recovered to some extent, but its foundation is not solid, state media quoted Premier Li Keqiang as saying.
Warehouse stock for Zinc at LME was at 81075mt that is down by -450mt.
BUY ZINC JUL 2022 @ 296.00 SL 292.00 TGT 302.00-306.00.MCX
NICKEL
Nickel trading range for the day is 684.3-684.3.
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 67116mt that is down by -204mt.
SELL NICKEL JUL 2022 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX
ALUMINIUM
Aluminium trading range for the day is 208-214.4.
Aluminium on profit booking as China’s domestic inventory is more likely to see an increase amid the current supply and demand.
Nonetheless, market sentiment is expected to pick up with the loosening the pandemic controls.
China c.bank promises to step up implementation of prudent monetary policy
Warehouse stock for Aluminium at LME was at 376925mt that is down by -3750mt.
BUY ALUMINIUM JUL 2022 @ 211.00 SL 207.00 TGT 216.00-220.00.MCX
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