Buy Copper May 2022 @ 765.00 SL 760.00 TGT 772.00-778.00.MCX - Kedia Advisory
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
https://t.me/InvestmentGuruIndiacom
Download Telegram App before Joining the Channel
COPPER
Copper trading range for the day is 755-777.6.
Copper gained as the domestic government has stated that it will introduce more policies to stimulate the economy and stabilize growth.
According to the National Bureau of Statistics, China copper cathode output stood at 898,000 mt in April, down 1% YoY
China has policy room to cope with challenges, as the downward pressure on China's economy increases
Warehouse stock for Copper at LME was at 178550mt that is down by -2375mt.
BUY COPPER MAY 2022 @ 765.00 SL 760.00 TGT 772.00-778.00.MCX
ZINC
Zinc trading range for the day is 303.6-328.6.
Zinc gained after 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.
Global zinc market saw a supply surplus of 37,800 mt from January to March 2022 – WBMS
Warehouse stock for Zinc at LME was at 86800mt that is down by -300mt.
BUY ZINC MAY 2022 @ 317.00 SL 315.00 TGT 322.00-324.00.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 72228mt that is down by -774mt.
SELL NICKEL MAY 2022 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX
ALUMINIUM
Aluminium trading range for the day is 235.6-249.8.
Aluminium prices gained after China aluminium ingot social inventory totalled 965,000 mt, down 38,000 mt from a week ago
The market shall watch how easing COVID situation would support the aluminium market.
China produced 3.36 million mt of primary aluminium in April, up 0.3% from a year earlier, setting a record high
Warehouse stock for Aluminium at LME was at 511675mt that is down by -7225mt.
BUY ALUMINIUM MAY 2022 @ 242.00 SL 240.00 TGT 245.50-248.00.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
