Buy Copper Aug 2022 @ 644.00 SL 640.00 TGT 654.00-658.00.MCX -Kedia Advisory
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
COPPER
Copper trading range for the day is 638.2-664.6.
Copper prices fell after disappointing factory data from top consumer China reaffirmed weak demand outlook that has been pressuring the metals market.
China's factory activity contracted unexpectedly in July.
Codelco, said it produced 736,000 tonnes of copper between January and June, a 7.5% fall versus the first half of 2021
Warehouse stock for Copper at LME was at 131275mt that is up by 700mt.
BUY COPPER AUG 2022 @ 644.00 SL 640.00 TGT 654.00-658.00.MCX
ZINC
Zinc trading range for the day is 289.3-303.7.
Zinc gains as global zinc market flipped to a deficit of 3,900 tonnes in May from a revised surplus of 31,000 tonnes a month earlier
China's July factory activity grows at slower pace - Caixin PMI
Asia's factories squeezed by higher prices, weak demand
Warehouse stock for Zinc at LME was at 69725mt that is down by -775mt.
BUY ZINC AUG 2022 @ 295.00 SL 290.00 TGT 302.00-305.00.MCX
NICKEL
Nickel trading range for the day is 678-678.
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 57978mt that is up by 174mt.
SELL NICKEL AUG 2022 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX
ALUMINIUM
Aluminium trading range for the day is 206.2-216.6.
Aluminum fell amid outlooks of lower demand and strong inventories in China.
Prices were under pressure as the worsening macroeconomic backdrop extended concerns of slowing demand
In the meantime, fresh data showed that aluminum ingot inventories rose by 7 thousand tonnes on the week to 678 thousand tonnes on August 1.
Warehouse stock for Aluminium at LME was at 288125mt that is down by -2900mt.
BUY ALUMINIUM AUG 2022 @ 210.00 SL 206.00 TGT 215.00-218.00.MCX
To Read Complete Report & Disclaimer Click Here
Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer
