Buy Copper Jul 2022 @ 658.00 SL 652.00 TGT 668.00-672.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 637.4-682.2.
Copper prices rose as a slight pullback in the U.S. dollar and economic support measures in China offered some respite
Peru copper output drops 11.2% in May after stoppage at key mine
BofA cuts copper price forecast for 2022 to $8,751/t from $9,999/t; to $7,250/t from $9,500/t for 2023
Warehouse stock for Copper at LME was at 135350mt that is down by -425mt.
BUY COPPER JUL 2022 @ 658.00 SL 652.00 TGT 668.00-672.00.MCX
ZINC
Zinc trading range for the day is 269.1-288.1.
Zinc gained as refined zinc output declined more than expected amid the tight raw material supply
The US ISM non-manufacturing PMI registered 55.3 in June, above the forecast of 54.3
BofA cuts zinc price forecast for 2022 to $3,348/t from $3,997/t; to $2,625/t from $3,250/t for 2023
Warehouse stock for Zinc at LME was at 83025mt that is down by -125mt.
BUY ZINC JUL 2022 @ 275.00 SL 270.00 TGT 283.00-286.00.MCX
NICKEL
Nickel trading range for the day is 681.8-681.8.
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 65718mt that is down by -360mt.
SELL NICKEL JUL 2022 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX
ALUMINIUM
Aluminium trading range for the day is 202.5-218.7.
Aluminium gains boosted by expectations of higher demand from top consumer China on the back of new stimulus measures.
Aluminium ingot social inventories across China’s seen down 11,000 mt from last Thursday.
BofA cuts aluminium price forecast for 2022 to $2721/t from $3,315/t; to $3,563/t from $4,125/t for 2023
Warehouse stock for Aluminium at LME was at 353175mt that is down by -4950mt.
BUY ALUMINIUM JUL 2022 @ 208.00 SL 205.00 TGT 213.00-215.00.MCX
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