Buy Copper Jun 2022 @ 795.00 SL 790.00 TGT 806.00-812.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 789.5-803.5.
Copper dropped as disappointing services PMI data from China prompted some profittaking after a rally that drove prices to a six-week peak last week.
Investors grew optimistic that the United States would cut tariffs on Beijing that were put into place by former President Donald Trump.
China's central bank, said it will strengthen the implementation of its prudent monetary policy and bring forward steps to support the economy
Warehouse stock for Copper at LME was at 140975mt that is down by -4975mt.
BUY COPPER JUN 2022 @ 795.00 SL 790.00 TGT 806.00-812.00.MCX
ZINC
Zinc trading range for the day is 325.4-341.6.
Zinc prices dropped on profit booking as the consumption market was poor with sluggish transactions
China services shrink at softer pace
Zinc ingot social inventory across seven major markets dropped 14,000 mt from a week ago as of June 6
Warehouse stock for Zinc at LME was at 88075mt that is up by 4500mt.
BUY ZINC JUN 2022 @ 330.00 SL 325.00 TGT 336.00-340.00.MCX
NICKEL
Nickel trading range for the day is 768-768.
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 71400mt that is down by -72mt.
SELL NICKEL JUN 2022 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX
ALUMINIUM
Aluminium trading range for the day is 230.2-241.2.
Aluminium rose after the lifting of COVID lockdowns in China boosted demand prospects while dwindling inventories provided further support.
Beijing and commercial hub Shanghai have been returning to normal in recent days after two months of bitter isolation under a ruthless COVID-19 lockdown.
China private sector contracts at softer rate
Warehouse stock for Aluminium at LME was at 450500mt that is down by -3375mt.
BUY ALUMINIUM JUN 2022 @ 233.00 SL 230.00 TGT 238.00-242.00.MCX
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