Buy Copper May 2022 @ 775.00 SL 770.00 TGT 782.00-786.00. MCX - Kedia Advisory
COPPER
Copper trading range for the day is 765.1-792.1.
Copper prices rose helped by a weaker U.S. dollar and as support measures and plans to end COVID-19 lockdowns in China lifted hopes for a recovery in demand.
Operations have been suspended at Khoemacau Zone 5 copper mine in Botswana after an underground accident
Copper inventories in warehouses monitored by the Shanghai Futures Exchange fell 1.7% from a week ago, the exchange said.
Warehouse stock for Copper at LME was at 171075mt that is down by -3525mt.
BUY COPPER MAY 2022 @ 775.00 SL 770.00 TGT 782.00-786.00.MCX
ZINC
Zinc trading range for the day is 315.8-333.
Zinc prices gained as the global zinc market flips to deficit of 6,300 T in March
Zinc inventories in warehouses monitored by the Shanghai Futures Exchange fell 0.3% from a week ago.
LME zinc inventory is still in a downward channel, and the decline in inventory has slowed down in recent days.
Warehouse stock for Zinc at LME was at 86000mt that is down by -625mt.
BUY ZINC MAY 2022 @ 320.00 SL 315.00 TGT 328.00-332.00.MCX
NICKEL
Nickel trading range for the day is 2120.8-2190.8.
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 71922mt that is up by 24mt.
SELL NICKEL MAY 2022 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX
ALUMINIUM
Aluminium trading range for the day is 243.4-252.2.
Aluminium dropped on profit booking as China’s primary aluminium exports in April fell 24.2% on the month
LME aluminium inventories have started a relatively smooth road to destocking. Last week, inventories continued to decline.
Global aluminium output flat y – o – y at 5.599 mln T in April – IAIWarehouse stock for Aluminium at LME was at 497250mt that is down by -7025mt.
Warehouse stock for Aluminium at LME was at 497250mt that is down by -7025mt.
BUY ALUMINIUM MAY 2022 @ 245.00 SL 242.00 TGT 249.00-252.00.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