Buy Copper Aug 2022 @ 665.00 SL 661.00 TGT 672.00-676.00.MCX - Kedia Advisory
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COPPER
* Copper trading range for the day is 652.6-680.
* Copper gained on easing concerns about the metal’s demand outlook and dwindling inventories.
* Chile copper exports total $3.42 bln in July
* Copper stockpiles in SHFE warehouses dropped 79% since March to 34,768 tonnes, the lowest since January 28.
* Warehouse stock for Copper at LME was at 126525mt that is down by -450mt.
BUY COPPER AUG 2022 @ 665.00 SL 661.00 TGT 672.00-676.00.MCX
ZINC
* Zinc trading range for the day is 310.1-326.3.
* Zinc prices rose after Glencore warned of the continuing margin squeeze on its European smelters.
* Zinc inventories in ShFE warehouses were still at their lowest since Jan. 21 at 88,896 tonnes by Aug. 5, down 50% since March.
* On-warrant zinc stocks in LME warehouses rose to 40,950 tonnes, their highest since June 20 and the biggest daily jump since January 2021
* Warehouse stock for Zinc at LME was at 74100mt that is up by 825mt.
BUY ZINC AUG 2022 @ 317.00 SL 314.00 TGT 321.00-324.00.MCX
NICKEL
* Nickel trading range for the day is 1875.3-1875.3.
* 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 56244mt that is down by -138mt.
SELL NICKEL AUG 2022 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX
ALUMINIUM
* Aluminium trading range for the day is 210.8-218.2.
* Aluminium gains as declining inventories and robust trade data in top importer China outweighed concerns about a demand-sapping global recession
* Consumer prices in China increased 2.7% in July from a year ago, rising at the fastest pace in two years
* Prices also remains susceptible to sharp moves amid resurgent domestic Covid-19 outbreaks, property sector risks and simmering tensions with the US
* Warehouse stock for Aluminium at LME was at 282700mt that is down by -1575mt.
SELL ALUMINIUM AUG 2022 @ 213.00 SL 216.00 TGT 208.00-205.00.MCX
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