Buy Copper Apr 2022 @ 812.00 SL 806.00 TGT 820.00-824.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 807.5-830.5.
Copper recovered to gains as China copper inventory fell to 148,800 mt across major markets, which has been falling for some time.
COVID-19 curbs in top consumer China clouded demand prospects and added to concerns about supply disruptions.
Profit growth at China's industrial firms accelerated in January-February in line with other signs of momentum in the economy
Warehouse stock for Copper at LME was at 80550mt that is down by -50mt.
BUY COPPER APR 2022 @ 812.00 SL 806.00 TGT 820.00-824.00.MCX
ZINC
Zinc trading range for the day is 333.2-343.8.
Zinc prices recovered from lows as the global zinc market deficit declined to 28,400 tonnes in January
Total zinc inventories across seven markets in China stood at 273,900 mt down 3,000 mt from March 21.
China's financial hub of Shanghai launched a two-stage lockdown, closing bridges and tunnels and restricting highway traffic in a scramble to contain surging COVID-19 cases
Warehouse stock for Zinc at LME was at 142475mt that is down by -150mt.
BUY ZINC APR 2022 @ 334.00 SL 330.00 TGT 339.00-342.00.MCX
NICKEL
Nickel trading range for the day is 2439-2620.6.
Nickel dropped to profit-taking as COVID-19 curbs in top metals consumer China clouded demand prospects
LME nickel surged 15% to hit its upper trading limit, reversing direction and climbing for the first time since trading resumed last week
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 72816mt that is down by -108mt
SELL NICKEL APR 2022 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX
ALUMINIUM
Aluminium trading range for the day is 286-294.6.
Aluminium dropped as COVID-19 curbs in top consumer China clouded demand prospects and added to concerns about supply disruptions.
On the supply side, the output in Q1 is unlikely to catch up with that in 2021 despite accelerated production resumption
The shipments of aluminium ingot and billet both dropped during this period owing to the pandemic.
Warehouse stock for Aluminium at LME was at 671025mt that is down by -7075mt.
BUY ALUMINIUM APR 2022 @ 288.00 SL 284.00 TGT 293.50-296.00.MCX
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