Buy Copper Jun 2022 @ 726.00 SL 722.00 TGT 734.00-738.00.MCX - Kedia Advisory
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
COPPER
Copper trading range for the day is 717.6-746.4.
Copper dropped after the world refined copper market showed a 3,000 tonne surplus in April, compared with a 22,000 tonne deficit in March
World refined copper output in April was 2.155 million tonnes while consumption was 2.152 million tonnes, the ICSG said.
Pressure also seen on mounting fears that a global economic slowdown and persistent coronavirus outbreaks in China would dampen demand.
Warehouse stock for Copper at LME was at 114175mt that is down by -975mt.
BUY COPPER JUN 2022 @ 726.00 SL 722.00 TGT 734.00-738.00.MCX
ZINC
Zinc trading range for the day is 307.4-323.6.
Zinc gains as Chinese refined zinc output will decline by 6% MoM and 4.6% YoY to 484.5kt in June
Zinc stocks slide as shortages in Europe persist
However, downside seen limited amid by a robust U.S. dollar and weaker financial markets as fears over a global economic slowdown dented investor sentiment.
Warehouse stock for Zinc at LME was at 78600mt that is up by 50mt.
BUY ZINC JUN 2022 @ 312.00 SL 307.00 TGT 318.00-322.00.MCX
NICKEL
Nickel trading range for the day is 714.2-714.2.
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 68460mt that is down by -276mt.
SELL NICKEL JUN 2022 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX
ALUMINIUM
Aluminium trading range for the day is 211.7-220.3.
Aluminium gains as China's aluminium imports in May fell 16.4% from the same month a year earlier
However, upside seen limited as persistent worries about interest rates and inflation remained a key focus for investors.
Global primary aluminium output in May rose 0.43% year on year to 5.805 million tonnes
Warehouse stock for Aluminium at LME was at 395575mt that is down by -3350mt.
BUY ALUMINIUM JUN 2022 @ 214.00 SL 212.00 TGT 218.00-220.00.MCX
To Read Complete Report & Disclaimer Click Here
Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer
