Buy Copper Jun 2022 @ 755.00 SL 750.00 TGT 762.00-768.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 735.3-774.3.
Copper prices dropped as pressure seen after copper inventories in SHFE warehouses rose by 18.7 percent.
Shanghai and Beijing went back on fresh COVID-19 alert after parts of China's largest economic hub imposed new lockdown restrictions
Peru communities to allow Las Bambas mine restart after 51-day shutdown
Warehouse stock for Copper at LME was at 119875mt that is up by 1900mt.
BUY COPPER JUN 2022 @ 755.00 SL 750.00 TGT 762.00-768.00.MCX
ZINC
Zinc trading range for the day is 302-323.
Zinc prices dropped as renewed COVID-19 restrictions in top consumer China rekindled demand worries.
Risky assets also fell as the European Central Bank's rate-hike outlook unnerved investors amid heightened concerns about global slowdown.
Goldman Sachs lowered its 2022 growth forecast to 4% from 4.5%, below China's official target of around 5.5%.
Warehouse stock for Zinc at LME was at 81950mt that is down by -550mt.
BUY ZINC JUN 2022 @ 310.00 SL 307.00 TGT 314.00-318.00.MCX
NICKEL
Nickel trading range for the day is 721.2-721.2.
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 70056mt that is down by -120mt.
SELL NICKEL JUN 2022 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX
ALUMINIUM
Aluminium trading range for the day is 212.4-226.8.
Aluminium dropped as there are new actions concerning pandemic prevention control in China, affected the market sentiment
China's factory-gate inflation cooled to its slowest pace in 14 months in May, official data showed
China's annual inflation rate was at 2.1% in May 2022, unchanged from April's five-month high figure
Warehouse stock for Aluminium at LME was at 420675mt that is down by -3300mt.
BUY ALUMINIUM JUN 2022 @ 216.00 SL 210.00 TGT 223.00-226.00.MCX
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