Buy Copper Aug 2022 @ 635.00 SL 630.00 TGT 644.00-650.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 628-647.
Copper prices rose helped by a weaker dollar, and on hopes for improved demand from top consumer China.
Copper stockpiles in ShFE and Chinese bonded warehouses are low by historic standards and have recently been falling.
Yangshan copper import premiums rose to $87 a tonne, the highest since December, suggesting increased demand for overseas metal.
Warehouse stock for Copper at LME was at 132500mt that is up by 475mt.
BUY COPPER AUG 2022 @ 635.00 SL 630.00 TGT 644.00-650.00.MCX
ZINC
Zinc trading range for the day is 271.1-280.7.
Zinc steadied as the market was cautious ahead of Fed meeting, which is expected to offer a glance into the price moves in the next two months.
China's industrial profits rebound in June on easing COVID curbs
The global zinc market flipped to a deficit of 3,900 tonnes in May from a revised surplus of 31,000 tonnes a month earlier
Warehouse stock for Zinc at LME was at 71825mt that is down by -425mt.
BUY ZINC AUG 2022 @ 270.00 SL 266.00 TGT 276.00-280.00.MCX
NICKEL
Nickel trading range for the day is 646.1-646.1.
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 58320mt that is down by -1062mt.
SELL NICKEL AUG 2022 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX
ALUMINIUM
Aluminium trading range for the day is 206.4-213.6.
Aluminium prices dropped as China's aluminium output seen strong despite falling prices
LME aluminium inventories tumbled to a mere 304,125 tonnes, the lowest in nearly 22 years from 1.97 million tonnes a year earlier.
ShFE inventories of the metal were hovering near their lowest since January 2020 at 191,198 tonnes.
Warehouse stock for Aluminium at LME was at 299700mt that is down by -4425mt.
BUY ALUMINIUM AUG 2022 @ 207.00 SL 202.00 TGT 214.00-218.00.MCX
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