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Buy Copper Oct 2022 @ 624.00 SL 620.00 TGT 629.00-633.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 618.7-640.5.
Copper dropped as a low appetite for risky assets amid fears of weakening global economic growth weighed on prices.
However, downside seen limited as inventories of copper in China bonded warehouses continued to deplete and were last at a record low of 81,800 tonnes.
LME copper inventories rose to 129,000 tonnes, their highest since Aug. 15.
Warehouse stock for Copper at LME was at 130850mt that is up by 1850mt.
BUY COPPER OCT 2022 @ 624.00 SL 620.00 TGT 629.00-633.00.MCX
ZINC
Zinc trading range for the day is 257.3-273.9.
Zinc dropped pressured by extensive rate hikes across the world as well as lowered global economic growth forecast for the next year by OECD
China industrial profits fall 2.1% Yoy in Jan-August
PBoC makes largest daily cash injection in 7 months
Warehouse stock for Zinc at LME was at 54450mt that is down by -5050mt.
BUY ZINC OCT 2022 @ 263.00 SL 260.00 TGT 268.00-272.00.MCX
NICKEL
Nickel trading range for the day is 630.5-630.5.
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 51864mt that is up by 60mt.
SELL NICKEL OCT 2022 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX
ALUMINIUM
Aluminium trading range for the day is 187-192.
Aluminium dropped as a low appetite for risky assets amid fears of weakening global economic growth weighed on prices.
Global aluminium output rises 3.49% year on year in August – IAI
China's August aluminium imports fall 19% on year as domestic output rises
Warehouse stock for Aluminium at LME was at 337425mt that is down by -1425mt.
BUY ALUMINIUM OCT 2022 @ 186.00 SL 182.00 TGT 192.00-196.00.MCX
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