Buy Copper May 2022 @ 785.00 SL 780.00 TGT 792.00-798.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 775.4-798.8.
Copper prices slipped as growing concerns over the impact on demand from continued COVID-19 restrictions in top metals consumer China.
However, downside seen limited on hopes that China will step up its metal-intensive infrastructure construction to counter the impact of COVID-19 lockdowns.
The global world refined copper market showed a 16,000 tonne surplus in January, compared with a 74,000 tonnes deficit in December
Warehouse stock for Copper at LME was at 150850mt that is up by 1800mt.
BUY COPPER MAY 2022 @ 785.00 SL 780.00 TGT 792.00-798.00.MCX
ZINC
Zinc trading range for the day is 345-363.2.
Zinc dropped as the US dollar soared and refreshed its 5-year high in light of the US interest rate hike
Global zinc market swings to surplus of 14,300 T in February – ILZSG
China's central bank said it will step up prudent monetary policy support to the real economy
Warehouse stock for Zinc at LME was at 96275mt that is down by -2625mt.
BUY ZINC MAY 2022 @ 353.00 SL 348.00 TGT 359.00-364.00.MCX
NICKEL
Nickel trading range for the day is 2550-2550.
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 72642mt that is up by 78mt.
SELL NICKEL MAY 2022 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX
ALUMINIUM
Aluminium trading range for the day is 246.7-263.3.
Aluminium dropped as the pandemic did not affect the overall pace of production resumption by aluminium smelters
China will step up infrastructure construction to boost growth – President Xi
Global aluminium output falls 1.55% in March year on year, IAI says
Warehouse stock for Aluminium at LME was at 571625mt that is down by -2925mt.
BUY ALUMINIUM MAY 2022 @ 256.00 SL 253.00 TGT 262.00-266.00.MCX
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