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Buy Copper May 2022 @ 792.00 SL 786.00 TGT 799.00-804.00.MCX - Kedia Advisory
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Copper
Copper trading range for the day is 772.3-814.5.
Copper fell as prospects of bigger U.S. rate hikes and continued lockdowns in China cemented fears of a slowdown in global economic growth and demand.
Copper market in 16,000 tonne surplus in Jan 2022 – ICSG
Peru said a group of indigenous communities had lifted a protest against Southern Copper Corp's Cuajone copper mine that had forced a suspension of production
Warehouse stock for Copper at LME was at 137275mt that is down by -500mt.
BUY COPPER MAY 2022 @ 792.00 SL 786.00 TGT 799.00-804.00.MCX
Zinc
Zinc trading range for the day is 338.1-377.3.
Zinc prices crashed as lockdowns in more than a dozen cities across China, have heightened worries over wider disruption to activity in the economy.
Global zinc market swings to surplus of 14,300 T in February – ILZSG
China cbank to cut banks' FX reserve requirements from May 15
Warehouse stock for Zinc at LME was at 101725mt that is down by -1525mt.
BUY ZINC MAY 2022 @ 354.00 SL 340.00 TGT 362.00-366.00.MCX
Nickel
Nickel trading range for the day is 2483.2-2493.2.
Nickel dropped as amid demand worries due to continued COVID-19 lockdowns in China weighed on the metals.
Sumitomo Metal sees global nickel demand for battery use at 410,000 in 2022
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 72990mt that is up by 312mt.
SELL NICKEL MAY 2022 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX
Aluminium
Aluminium trading range for the day is 248.5-270.3.
Aluminum dropped amid worries that slowing global growth will hit metals demand as China struggles with Covid-19.
China’s primary aluminum imports fell by 55.1% from a year earlier in March and by 71% in Q1
The aluminium ingot social inventories across China’s eight major markets totalled 1.02 million mt as of April 25, down 5,000 mt from a week ago.
Warehouse stock for Aluminium at LME was at 584050mt that is down by -1950mt.
BUY ALUMINIUM MAY 2022 @ 257.00 SL 254.00 TGT 262.00-266.00.MCX
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