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Buy Copper Oct 2022 @ 642.00 SL 636.00 TGT 649.00-654.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 626.1-662.7.
Copper prices gains amid concerns of potential shortages resulting from lower inventories.
ShFE copper stocks were down 78% since March, while COMEX copper inventories dropped to their lowest since July 2021.
China Q2 current account surplus revised lower
Warehouse stock for Copper at LME was at 134900mt that is up by 1350mt.
BUY COPPER OCT 2022 @ 642.00 SL 636.00 TGT 649.00-654.00.MCX
ZINC
Zinc trading range for the day is 257-279.4.
Zinc rose amid growing concerns about tight supplies after LME to consult on possible ban of Russian metal.
China's central bank to step up efforts to support economic recovery
China's State banks have been told to stock up for yuan intervention offshore
Warehouse stock for Zinc at LME was at 53900mt that is up by 125mt.
BUY ZINC OCT 2022 @ 267.00 SL 264.00 TGT 271.00-273.00.MCX
NICKEL
Nickel trading range for the day is 1850-1850.
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 51816mt that is up by 24mt.
SELL NICKEL OCT 2022 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX
ALUMINIUM
Aluminium trading range for the day is 183.4-208.
Aluminum rallied after rumours that the production reduction by aluminium smelters in Yunnan will expand again.
Norsk Hydro cuts aluminium output
The accident at the Nord Stream pipeline will make it difficult for short-term European energy prices to drop, fuelling a new round of bullish sentiment.
Warehouse stock for Aluminium at LME was at 334100mt that is down by -1525mt.
BUY ALUMINIUM OCT 2022 @ 192.00 SL 188.00 TGT 196.00-199.00.MCX
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