Buy Aluminium Sep 2022 @ 208.00 SL 204.00 TGT 213.00-216.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 668.4-686.2.
Copper prices rose helped by low inventories, signs of improving demand in China and fears that sky-high energy prices could force smelters to cut output
Data showed that manufacturing has contracted in Europe this month while Japan registered slowing growth in manufacturing activity.
China cut its benchmark lending rate and lowered the mortgage reference by a bigger margin, adding to last week's easing measures
Warehouse stock for Copper at LME was at 122375mt that is down by -200mt.
BUY COPPER SEP 2022 @ 672.00 SL 667.00 TGT 680.00-685.00.MCX
ZINC
Zinc trading range for the day is 308-319.6.
Zinc dropped amid fears of global recession and interest rate hikes in the United States and Europe weighed on investors' risk appetite.
Global zinc market sees deficit of 1,400 T in June, says ILZSG
High power costs have already prompted temporary shutdowns at zinc smelters in Europe
Warehouse stock for Zinc at LME was at 76425mt that is up by 1700mt.
BUY ZINC SEP 2022 @ 312.00 SL 308.00 TGT 317.00-320.00.MCX
NICKEL
Nickel trading range for the day is 624.7-624.7.
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 55392mt that is down by -336mt.
SELL NICKEL SEP 2022 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX
ALUMINIUM
Aluminium trading range for the day is 209.6-215.2.
Aluminium prices rose as news came that the aluminium smelter Sunndal, affiliated to Hydro, goes on a strike.
Aluminium stocks at three major Japanese ports fell 1.6% to 364,000 tonnes at the end of July from 369,800 tonnes at the end of June
Global aluminium output rises 2.1% year on year in July – IAI
Warehouse stock for Aluminium at LME was at 271450mt that is down by -1875mt.
BUY ALUMINIUM SEP 2022 @ 208.00 SL 204.00 TGT 213.00-216.00.MCX
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