Buy Copper Aug 2022 @ 650.00 SL 644.00 TGT 658.00-662.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 634.3-669.9.
Copper prices rose as major producers flagged supply risks and expectations for aggressive US monetary tightening started to ease.
Copper output in Chile fell 4.7% year on year to 462,172 tonnes in June
Shanghai warehouse copper stocks down 26.5% week/week
Warehouse stock for Copper at LME was at 130575mt that is down by -1125mt.
BUY COPPER AUG 2022 @ 650.00 SL 644.00 TGT 658.00-662.00.MCX
ZINC
Zinc trading range for the day is 280.1-304.7.
Zinc prices rallied after U.S. central bank authorities signalled slower increases to interest rates, knocking the dollar lower.
Also supporting the market is a tight supply backdrop, with inventories sliding and miners scaling back production plans.
The U.S. economy unexpected contracted in the second quarter, data showed, which could deter the Federal Reserve from continuing to increase interest rates aggressively to battle inflation.
Warehouse stock for Zinc at LME was at 70500mt that is down by -300mt.
BUY ZINC AUG 2022 @ 290.00 SL 287.00 TGT 296.00-299.00.MCX
NICKEL
Nickel trading range for the day is 649.4-649.4.
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 57804mt that is down by -186mt.
SELL NICKEL AUG 2022 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX
ALUMINIUM
Aluminium trading range for the day is 210.4-218.
Aluminium rose on a weaker U.S. dollar and hopes of demand recovery in top consumer China
Japan's factories ramped up output at the fastest pace in more than nine years in June as disruptions due to China's COVID-19 curbs eased.
China's factory activity seen expanding at fastest pace in a year
Warehouse stock for Aluminium at LME was at 291025mt that is down by -4300mt.
BUY ALUMINIUM AUG 2022 @ 210.00 SL 206.00 TGT 215.00-218.00.MCX
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