Buy Copper May 2022 @ 788.00 SL 782.00 TGT 796.00-802.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 779.5-803.1.
Copper prices gains amid hopes of Chinese economic stimulus however upside seen limited on concerns over COVID-19 lockdowns in China
China's central bank said it would step up prudent monetary policy support to the real economy, especially small firms hit by COVID-19.
Profits at China's industrial firms grew at a faster pace in March from a year earlier
Warehouse stock for Copper at LME was at 148500mt that is up by 13325mt.
BUY COPPER MAY 2022 @ 788.00 SL 782.00 TGT 796.00-802.00.MCX
ZINC
Zinc trading range for the day is 351.1-364.1.
Zinc gains as support seen after the People's Bank of China that it will step up monetary policy support to the real economy.
China will keep liquidity reasonably ample and boost healthy and stable development of the financial markets
Global zinc market swings to surplus of 14,300 T in February – ILZSG
Warehouse stock for Zinc at LME was at 98900mt that is down by -2350mt.
BUY ZINC MAY 2022 @ 355.00 SL 348.00 TGT 364.00-368.00.MCX
NICKEL
Nickel trading range for the day is 2536.7-2572.7.
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 72564mt that is down by -174mt.
SELL NICKEL MAY 2022 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX
ALUMINIUM
Aluminium trading range for the day is 252.2-262.
Aluminium seen supported buoyed by hopes for more economic stimulus from top consumer China
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 574550mt that is down by -5050mt.
BUY ALUMINIUM MAY 2022 @ 256.00 SL 253.00 TGT 262.00-266.00.MCX
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