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Buy Copper Apr 2022 @ 816.00 SL 810.00 TGT 824.00-830.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 810.7-829.3.
Copper steadied as investors remained cautious amid worries of supply disruptions due to war in Ukraine.
Chile's February copper production down 7%
The ICSG said mine production grew by around 2.3% in 2021, driven by higher output from Peru
Warehouse stock for Copper at LME was at 91400mt that is up by 3475mt
BUY COPPER APR 2022 @ 816.00 SL 810.00 TGT 824.00-830.00.MCX
ZINC
Zinc trading range for the day is 334.5-353.7.
Zinc prices remained supported as global refined zinc output continues to be pressured, as major producers have announced a cut in production
Prices also remained supported as market supply remained tight.
The China manufacturing PMI released today stood at 48.83, down 4.62% YoY
Warehouse stock for Zinc at LME was at 141925mt that is down by -175mt.
BUY ZINC APR 2022 @ 342.00 SL 338.00 TGT 348.00-350.00.MCX
NICKEL
Nickel trading range for the day is 2410-2410.
Nickel dropped on disappointing China manufacturing PMI which stood at 48.83, down 4.62% YoY
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 275.5-293.7.
Aluminium dropped as aluminium social inventory stood at 1.04 million mt, up 2,000 mt from a week ago
Domestic aluminium ingot inventory kept rising, and a large number of ingot was still on road and has not yet been warehoused.
China's factory, services sectors slump together for first time since 2020
Warehouse stock for Aluminium at LME was at 646850mt that is down by -7625mt.
BUY ALUMINIUM APR 2022 @ 278.00 SL 274.00 TGT 286.00-289.00.MCX
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