Buy Copper Jul 2022 @ 694.00 SL 690.00 TGT 702.00-708.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 694.3-706.9.
Copper prices rose as the easing of COVID-19 restrictions in top metals consumer China raised hopes of a revival in demand
Copper giant Codelco sees 'very firm' copper price ahead despite recent drop
China's c.bank will continue to support economic recovery
Warehouse stock for Copper at LME was at 124850mt that is up by 11825mt.
BUY COPPER JUL 2022 @ 694.00 SL 690.00 TGT 702.00-708.00.MCX
ZINC
Zinc trading range for the day is 291-302.2.
Zinc dropped on profit booking after prices gained as the refined SHFE zinc social inventory continued to drop to 199,900 tons
London Metal Exchange (LME) zinc stocks have been raided, leaving available inventory close to depletion.
IMF slashed its U.S. economic growth forecast as aggressive Fed interest rate hikes cool demand but predicted that US would "narrowly" avoid a recession.
Warehouse stock for Zinc at LME was at 81725mt that is up by 2550mt.
BUY ZINC JUL 2022 @ 292.00 SL 287.00 TGT 298.00-302.00.MCX
NICKEL
Nickel trading range for the day is 686.9-686.9.
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 66936mt 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 206.6-215.4.
Aluminium dropped as aluminium ingot inventory dropped 5,000 mt to 746,000 mt with less arrivals last week.
PBoC makes biggest daily cash injection in 3 months
China's c.bank will continue to support economic recovery
Warehouse stock for Aluminium at LME was at 384800mt that is down by -3950mt.
BUY ALUMINIUM JUL 2022 @ 208.00 SL 204.00 TGT 214.00-216.00.MCX
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