Buy Copper May 2022 @ 746.00 SL 742.00 TGT 754.00-758.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 731.9-765.5.
Copper gains as support seen after copper inventory across major Chinese markets dropped 2,600 mt from Monday to 118,900 mt
Copper stocks in warehouses approved by the LME, which have climbed 35% so far this year to 177,000 tonnes.
The smelters in east China started to carry out maintenance, and the production efficiency was low with the absence of supplement from imports.
Warehouse stock for Copper at LME was at 177000mt that is up by 125mt.
BUY COPPER MAY 2022 @ 746.00 SL 742.00 TGT 754.00-758.00.MCX
ZINC
Zinc trading range for the day is 297.7-314.9.
Zinc gains as total zinc ingots inventories across seven markets in China stood at 266,900 mt as of Friday May 13, down 9,100 mt
Shanghai was aiming to reach "zero-COVID" at the community level in the next few days and will then start to steadily ease traffic restrictions and open shops.
China's refined zinc output rose in April from the previous month
Warehouse stock for Zinc at LME was at 86550mt that is up by 175mt.
BUY ZINC MAY 2022 @ 305.00 SL 302.00 TGT 310.00-312.00.MCX
NICKEL
Nickel trading range for the day is 2125.1-2195.1.
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 72708mt that is down by -234mt.
SELL NICKEL MAY 2022 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX
ALUMINIUM
Aluminium trading range for the day is 227.8-241.
Aluminium recovered as the social aluminium inventory kept falling, and shipments across the country have been smooth.
The US PPI rose 11% year-on-year in April and the US CPI in April was 8.3%, exceeding market expectations.
Aluminium ingot social inventory across eight major markets in China totalled 1 million mt, down 30,000 mt from a week ago
Warehouse stock for Aluminium at LME was at 539800mt that is down by -6550mt.
BUY ALUMINIUM MAY 2022 @ 230.00 SL 227.00 TGT 235.00-240.00.MCX
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