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Buy Copper Oct 2022 @ 650.00 SL 645.00 TGT 656.00-660.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 642.4-681.6.
Copper dropped as the dollar index moved toward the 112 mark, as investors adjusted their portfolios for an aggressive tightening of monetary policy.
Moreover, robust physical demand for the metal from top consumer China on the back of government stimulus helped support copper prices.
China's commodity shipping demand to improve from Q4
Warehouse stock for Copper at LME was at 140200mt that is up by 1550mt.
BUY COPPER OCT 2022 @ 650.00 SL 645.00 TGT 656.00-660.00.MCX
ZINC
Zinc trading range for the day is 276.1-292.9.
Zinc rose amid growing concerns about tight supplies after the London Metal Exchange signaled that it would restrict supplies from Russia.
Markets were already tight as European smelters have been cutting back production amid soaring power prices.
Half of Europe’s aluminum and zinc production capacity has already been forced offline as the continent’s energy crisis threatens to hobble heavy industries
Warehouse stock for Zinc at LME was at 53325mt that is down by -25mt.
BUY ZINC OCT 2022 @ 280.00 SL 277.00 TGT 284.00-286.00.MCX
NICKEL
Nickel trading range for the day is 642.5-642.5.Nickel settled flat as Sumitomo Metal sees global nickel demand for battery use at 410,000 in 2022
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 51420mt that is down by -138mt.
SELL NICKEL OCT 2022 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX
ALUMINIUM
Aluminium trading range for the day is 201.2-214.
Aluminium dropped on profit booking amid recovery in dollar after seen supported by hopes of improved demand from China
Further, speculations grew that Beijing may soon ease coronavirus restrictions.
Some Japanese aluminium buyers have agreed with at least two global producers to pay a premium of $99 a tonne
Warehouse stock for Aluminium at LME was at 328850mt that is up by 325mt.
BUY ALUMINIUM OCT 2022 @ 202.00 SL 198.00 TGT 207.00-210.00.MCX
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