Buy Copper Jun 2022 @ 775.00 SL 770.00 TGT 785.00-790.00. MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 774-787.
Copper extended gains as China's stimulus measures and a decision to ease COVID-19 restrictions lifted sentiment across markets.
PBOC ramping up policy support and companies no longer needing to be on a 'whitelist' to resume production from June 1
Inventories in warehouses monitored by the Shanghai Futures Exchange fell 23.7% from last Friday.
Warehouse stock for Copper at LME was at 154650mt that is down by -1525mt.
BUY COPPER JUN 2022 @ 775.00 SL 770.00 TGT 785.00-790.00.MCX
ZINC
Zinc trading range for the day is 327.4-340.4.
Zinc rose as is stated that Shanghai would fully resume work and production on June 1, boosting the market sentiment with optimistic prospect on the demand side
Shanghai city says it will lift lockdown restrictions on June 1
Several domestic smelters were forced to suspend the production for lack of ores, indicating sustaining supply tightness.
Warehouse stock for Zinc at LME was at 84700mt that is down by -1150mt.
BUY ZINC JUN 2022 @ 328.00 SL 322.00 TGT 337.00-340.00.MCX
NICKEL
Nickel trading range for the day is 708-708.
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 72000mt that is down by -240mt.
SELL NICKEL JUN 2022 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX
ALUMINIUM
Aluminium trading range for the day is 239.7-246.9.
Aluminium prices gained as domestic aluminium social inventory totalled 923,000 mt, down 14,000 mt from last Thursday.
Shanghai city will make every effort to accelerate economic recovery
Euro zone sentiment barely changed in May, inflation expectations ease
Warehouse stock for Aluminium at LME was at 465700mt that is down by -5375mt.
BUY ALUMINIUM JUN 2022 @ 240.00 SL 235.00 TGT 246.00-250.00.MCX
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