Buy Copper Apr 2022 @ 815.00 SL 808.00 TGT 824.00-830.00.MCX - Kedia Advisory
COPPER
Copper trading range for the day is 806.8-827.6.
Copper dropped dragged down by demand concerns from top consumer China and easing fears of supply shortages amid ongoing Ukraine-Russia talks
Authorities in Shanghai said they would shut the country’s financial hub to carry out Covid19 testing over a nine-day period
The rising global production should ease worries about the market deficit
Warehouse stock for Copper at LME was at 81500mt that is up by 950mt.
BUY COPPER APR 2022 @ 815.00 SL 808.00 TGT 824.00-830.00.MCX
ZINC
Zinc trading range for the day is 324.4-346.8.
Zinc dropped as ongoing pandemic in China kept rampaging the market in terms of demand.
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 142250mt that is down by -225mt.
BUY ZINC APR 2022 @ 332.00 SL 328.00 TGT 336.50-339.00.MCX
NICKEL
Nickel trading range for the day is 2358.9-2545.5.
Nickel dropped to profit-taking as COVID-19 curbs in top metals consumer China clouded demand prospects
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 264.9-301.3.
Aluminium dropped as the aluminium ingot social inventory in China stood at 1.05 million mt, up 13,000 mt.
However, LME aluminium inventory fell further to a record low of 670,000 mt
Aluminium smelters accelerate their resumption of production, and the marginal demand for alumina in southwest China is also rising.
Warehouse stock for Aluminium at LME was at 663225mt that is down by -7800mt.
BUY ALUMINIUM APR 2022 @ 276.00 SL 272.00 TGT 282.00-286.00.MCX
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