Buy Copper May 2022 @ 760.00 SL 752.00 TGT 772.00-780.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 750.6-781.6.
Copper prices gained as support seen after manufacturing orders in the U.S. increased in March, signaling strong demand for goods
However, continued COVID-19 lockdowns in China and prospects of aggressive U.S. rate hikes fuelled recession fears.
Global copper market to see 142,000 tonne surplus in 2022, says ICSG
Warehouse stock for Copper at LME was at 156225mt that is up by 175mt.
BUY COPPER MAY 2022 @ 760.00 SL 752.00 TGT 772.00-780.00.MCX
ZINC
Zinc trading range for the day is 322.2-344.
Zinc prices dropped as traders assessed data showing factory activity in China contracted for a second month to its lowest since February 2020
China’s Covid outbreak and the threat of further lockdowns put more downward pressure on its battered economy
China’s central bank announced a cut in the reserve requirement ratio for foreign currency deposits to 8% from 9% starting May 15
Warehouse stock for Zinc at LME was at 95350mt that is unchange mt.
BUY ZINC MAY 2022 @ 325.00 SL 318.00 TGT 335.00-340.00.MCX
NICKEL
Nickel trading range for the day is 824.7-824.7.
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 72768mt that is down by -84mt.
SELL NICKEL MAY 2022 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX
ALUMINIUM
Aluminium trading range for the day is 237.2-251.2.
Aluminium dropped as COVID-19 lockdowns in China and prospects of aggressive U.S. interest rate hikes fuelled worries over a global economic slowdown.
China's Communist Party said the country would step up policy support to stabilise the economy.
Japan aluminium stocks in March up 20.3% m/m
Warehouse stock for Aluminium at LME was at 577650mt that is up by 7550mt.
BUY ALUMINIUM MAY 2022 @ 240.00 SL 236.00 TGT 246.00-250.00.MCX
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