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Buy Copper May 2022 @ 750.00 SL 745.00 TGT 758.00-765.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 736.4-771.
Copper dropped as coronavirus-induced lockdowns in top consumer China sparked concerns about demand and growth.
China April copper imports fall 4% on year to 465,330 tonnes
Commerzbank sees copper prices averaging $9,600/t in 2022, $9,750/t in 2023
Warehouse stock for Copper at LME was at 169175mt that is down by -850mt.
BUY COPPER MAY 2022 @ 750.00 SL 745.00 TGT 758.00-765.00.MCX
ZINC
Zinc trading range for the day is 299.8-332.6.
Zinc dropped as constantly rising US dollar index pressured the metals prices, and the market worried about economic development on high inflation
Commerzbank sees zinc prices averaging $3,800/t in 2022, $3,950/t in 2023
Inventories of zinc ingot across seven major markets in China decreased 1,100 mt
Warehouse stock for Zinc at LME was at 92575mt that is down by -1800mt.
BUY ZINC MAY 2022 @ 310.00 SL 306.00 TGT 315.00-320.00.MCX
NICKEL
Nickel trading range for the day is 2273-2273.
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 73464mt that is down by -144mt.
SELL NICKEL MAY 2022 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX
ALUMINIUM
Aluminium trading range for the day is 228.5-242.7.
Aluminium dropped as tightening COVID-19 restrictions in China and a recent batch of weak economic readings from major nations highlighted worries over demand.
Data showed China's factory activity contracted at a sharper pace
Commerzbank sees aluminium prices averaging $3,025/tonne in 2022, $3,350/tonne in 2023
Warehouse stock for Aluminium at LME was at 568250mt that is down by -3550mt.
BUY ALUMINIUM MAY 2022 @ 230.00 SL 227.00 TGT 235.00-240.00.MCX
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