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Buy Copper Apr 2022 @ 814.00 SL 808.00 TGT 820.00-824.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 808.1-827.3.
Copper prices slipped after data showed that factory activity in top metals consumer China slumped at the fastest pace in two years last month
Copper output in Chile, the world's largest producer of the metal, fell 7% year-on-year to 399,817 tonnes in February
Shanghai is set to expand COVID curbs to include the western half of the city and extend restrictions in the east
Warehouse stock for Copper at LME was at 93975mt that is up by 2575mt.
BUY COPPER APR 2022 @ 814.00 SL 808.00 TGT 820.00-824.00.MCX
ZINC
Zinc trading range for the day is 336.7-367.9.
Zinc prices rose as some manufacturers planned to suspend the production amid a complicated market and upcoming Tomb Sweeping holiday
China's factory activity contracted in March as the economy faced renewed downward pressures from stringent COVID-19 controls.
China's pledges to shore up its embattled property sector have done little to boost prospects for the sector.
Warehouse stock for Zinc at LME was at 139950mt that is down by -1975mt.
BUY ZINC APR 2022 @ 318.00 SL 315.00 TGT 322.00-326.00.MCX
NICKEL
Nickel trading range for the day is 2289.3-2569.3.
Nickel rose as the nickel ore inventory at Chinese ports dipped 230,000 wmt from a week earlier to 5.887 million wmt.
Sumitomo Metal sees global nickel demand for battery use at 410,000 in 2022
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 72630mt that is down by -186mt.
SELL NICKEL APR 2022 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX
ALUMINIUM
Aluminium trading range for the day is 276-287.8.
Aluminium prices dropped as the demand was still contained by the pandemic in China.
Aluminium production resumption accelerated, but output in Q1 will drop YoY.
Pandemic has restricted downstream operating rates, and aluminium social inventory dropped slowly, with a number of ingot on road.
Warehouse stock for Aluminium at LME was at 635975mt that is down by -10875mt.
BUY ALUMINIUM APR 2022 @ 270.00 SL 265.00 TGT 276.00-278.00.MCX
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