IGI Logo

COPPER

Copper trading range for the day is 630.4-646.4.

Copper gains as support came after China's central bank said it will cut the amount of foreign exchange reserves that financial institutions must hold.

Copper output from Chile's Codelco to fall further in 2023

Chilean copper production falls in July

Warehouse stock for Copper at LME was at 108450mt that is down by -2100mt.

BUY COPPER SEP 2022 @ 636.00 SL 632.00 TGT 642.00-646.00.MCX

ZINC

Zinc trading range for the day is 282.9-292.9.

Zinc prices rose as PBOC cuts forex reserve requirement ratio by two ppts to 6% from 8%

Zinc ingot social inventory across seven markets in China totaled 121,700 mt last Friday, down 1,800 mt

Global zinc market sees deficit of 1,400 T in June, says ILZSG

Warehouse stock for Zinc at LME was at 77475mt that is down by -25mt.

BUY ZINC SEP 2022 @ 284.00 SL 280.00 TGT 290.00-294.00.MCX

NICKEL

Nickel trading range for the day is 593.7-593.7.

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 54432mt that is down by -66mt.

SELL NICKEL SEP 2022 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX

ALUMINIUM

Aluminium trading range for the day is 200.7-205.1.

Aluminum remained under pressure amid persisting COVID-19 curbs in China weighed on sentiment.

China vows more policy support for COVID – ravaged economy

Caixin China General Services PMI inched down to 55.0 in August 2022 from July’s 15- month high of 55.5.

Warehouse stock for Aluminium at LME was at 277050mt that is up by 1000mt.

BUY ALUMINIUM SEP 2022 @ 200.00 SL 196.00 TGT 205.00-208.00.MCX

To Read Complete Report & Disclaimer Click Here

Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer