Buy Aluminium Jun 2022 @ 214.00 SL 212.00 TGT 218.00-220.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 729.4-758.4.
Copper dropped amid mounting fears that a global economic slowdown triggered by an aggressive tightening from major central banks
Putting a floor under prices were upbeat industrial production figures from top consumer China, suggesting an uptick in economic activity.
China's refined copper production in May 2022 rose 4.7% year on year to 0.91 million tonnes
Warehouse stock for Copper at LME was at 118025mt that is down by -2975mt.
BUY COPPER JUN 2022 @ 737.00 SL 734.00 TGT 744.00-748.00.MCX
ZINC
Zinc trading range for the day is 305.3-320.7.
Zinc dropped amid worries that rising interest rates would dent global economic growth.
Investors feared sharp rate hikes tipping economies into recession.
Zinc stocks in LME-approved warehouses are at their lowest in more than two years due to shortages in Europe
Warehouse stock for Zinc at LME was at 80275mt that is up by 700mt.
BUY ZINC JUN 2022 @ 309.00 SL 304.00 TGT 314.00-316.00.MCX
NICKEL
Nickel trading range for the day is 717.8-717.8.
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 68868mt that is down by -54mt.
SELL NICKEL JUN 2022 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX
ALUMINIUM
Aluminium trading range for the day is 211.1-219.1.
Aluminum prices dropped amid muted demand and soaring production.
Concerns about slowing global growth coupled with high levels of inflation and skyrocketing borrowing costs dented demand
China’s monthly aluminum production reached another record high in May amid an easing in power consumption curbs.
Warehouse stock for Aluminium at LME was at 407875mt that is down by -3700mt.
BUY ALUMINIUM JUN 2022 @ 214.00 SL 212.00 TGT 218.00-220.00.MCX
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