Buy Copper May 2022 @ 740.00 SL 736.00 TGT 745.00-748.00.MCX - Kedia Advisory
COPPER
Copper trading range for the day is 729.8-763.6.
Copper prices tumbled as traders worried that a slowing global economy would require less metal.
With inflation surging and interest rates rising, growth fears also pushed down oil prices and stock markets hit a 1-1/2-year low.
Customs data showed that China's copper imports in April fell 4% from the same month a year earlier, as lockdowns hurt manufacturing activity and consumption.
Warehouse stock for Copper at LME was at 176875mt that is up by 1000mt.
BUY COPPER MAY 2022 @ 740.00 SL 736.00 TGT 745.00-748.00.MCX
ZINC
Zinc trading range for the day is 297.1-319.7.
Zinc dropped as China’s central bank hinted at further monetary easing, while a strong US inflation print reinforced bets for aggressive Federal Reserve rate hikes.
China's refined zinc output at 52 major smelters rose in April from the previous month.
The People’s Bank of China said it is making stabilizing economic growth a top priority and will step up support for weak sectors
Warehouse stock for Zinc at LME was at 86375mt that is down by -2100mt.
BUY ZINC MAY 2022 @ 303.00 SL 300.00 TGT 308.00-312.00.MCX
NICKEL
Nickel trading range for the day is 2146.8-2164.8.
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 72828mt that is down by -294mt.
SELL NICKEL MAY 2022 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX
ALUMINIUM
Aluminium trading range for the day is 226.2-236.4.
Aluminium dropped as coronavirus-induced lockdowns in top consumer China sparked concerns about demand and growth.
Pressuring prices further was the continued appreciation of the US dollar, and lingering concerns about global economic growth on a backdrop of high inflation
China's producer prices rose at the slowest pace in a year in April, despite a surge in global commodity prices
Warehouse stock for Aluminium at LME was at 546350mt that is down by -7575mt.
BUY ALUMINIUM MAY 2022 @ 230.00 SL 227.00 TGT 235.00-240.00.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