IGI Logo

COPPER

Copper trading range for the day is 748.8-769.8.

Copper prices slipped as bets over big U.S. rate hikes following hawkish comments from Federal Reserve officials

Pressure also seen after recent batch of weak economic readings from top metals consumer China added to growth worries.

China's refined copper output fell 1% in April to 898,000 tonnes from the same month a year earlier.

Warehouse stock for Copper at LME was at 180925mt that is up by 4350mt.

BUY COPPER MAY 2022 @ 754.00 SL 750.00 TGT 760.00-765.00.MCX

ZINC

Zinc trading range for the day is 303.6-319.4.

Zinc dropped as US Fed Chair Powell indicated firm interest rate hike in the future until the inflation is contained.

Data showed that LME zinc inventory is still in a downward channel, and the decline in inventory has slowed down in recent days.

SHFE zinc stocks dropped by 3.22% on a weekly basis to 167,066 mt in the week of May 13, a two-and-a-half-month low.

Warehouse stock for Zinc at LME was at 87100mt that is up by 975mt.

BUY ZINC MAY 2022 @ 307.00 SL 304.00 TGT 312.00-315.00.MCX 

NICKEL

Nickel trading range for the day is 2065.6-2125.6.

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 73002mt that is up by 54mt.

SELL NICKEL MAY 2022 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX

ALUMINIUM​​​​​​​

Aluminium trading range for the day is 233.6-246.6.

Aluminium dropped as recent data from China exacerbate such a gloomy outlook, with the economy reporting that industrial output unexpectedly contracted

China central bank keeps medium – term policy rate unchanged, market expects LPR reduction

China April aluminium output up 0.3% y/y at 3.36 mln tonnes – stats bureau

Warehouse stock for Aluminium at LME was at 518900mt that is down by -8475mt.

BUY ALUMINIUM MAY 2022 @ 235.00 SL 232.00 TGT 239.00-242.00.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