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COPPER

Copper trading range for the day is 612.8-632.8.

Copper prices fell weighed by a firm dollar and fear of softening demand amid disappointing data from the United States.

Weak demand from top metals consumer China due to COVID-19 outbreaks and fear of a looming global recession also weighed on prices.

Copper demand is unlikely to recover significantly until China stimulus targets its property market

Warehouse stock for Copper at LME was at 136200mt that is up by 5925mt.

BUY COPPER JUL 2022 @ 620.00 SL 614.00 TGT 628.00-635.00.MCX

ZINC

Zinc trading range for the day is 266.8-276.8.

Zinc prices dropped as the global zinc market moved to a surplus of 10,900 tonnes in April from a revised deficit of 31,700 tonnes a month earlier

Energy shortage in the Europe has prevented smelters from resuming the production, while macro pressure has capped the contract

Market sentiment eased after Fed officials hinted that they did not advocate raising interest rates by 100 basis points in July.

Warehouse stock for Zinc at LME was at 73250mt that is down by -1425mt.

BUY ZINC JUL 2022 @ 270.00 SL 265.00 TGT 278.00-282.00.MCX

NICKEL

Nickel trading range for the day is 649.6-649.6.

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 62364mt that is down by -168mt.

SELL NICKEL JUL 2022 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX

ALUMINIUM

Aluminium trading range for the day is 205.1-212.1.

Aluminium dropped as the smelters had no plans of suspending the production for the moment, and the demand side was still modest.

China imported 9.42 million mt of aluminium ore and concentrate in June, down 7.5% YoY.

The aluminium ingot social inventories across China’s eight major markets totalled 682,000 mt down 15,000 mt from last Thursday

Warehouse stock for Aluminium at LME was at 325075mt that is down by -3425mt.

BUY ALUMINIUM JUL 2022 @ 205.00 SL 201.00 TGT 210.00-212.00.MCX

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