Buy Copper Oct 2022 @ 654.00 SL 650.00 TGT 659.00-663.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 638.5-669.3.
Copper gains as Yangshan copper premiums surged to a new high amid the shortage of supply
Copper in Chinese spot market, was at a discount of 225 yuan a tonne to ShFE prices, the biggest discount since April 2021.
Russian copper builds up in LME warehouses
Warehouse stock for Copper at LME was at 145400mt that is down by -125mt.
BUY COPPER OCT 2022 @ 654.00 SL 650.00 TGT 659.00-663.00.MCX
ZINC
Zinc trading range for the day is 263-277.
Zinc fell as signs of an increasingly worse macroeconomic backdrop worldwide continued to hamper demand for industrial inputs.
A hotter than expected CPI in the US confirmed expectations that borrowing costs by the Fed will remain restrictive for a prolonged period
Meanwhile, fears of additional lockdowns in top metals consumer China emerged as outbreaks in major cities gathered momentum
Warehouse stock for Zinc at LME was at 51925mt that is down by -1175mt.
BUY ZINC OCT 2022 @ 268.00 SL 265.00 TGT 272.00-275.00.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
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 52698mt that is down by -30mt.
SELL NICKEL OCT 2022 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX
ALUMINIUM
Aluminium trading range for the day is 198-217.2.
Aluminium prices rose after news reports suggested that the United States could ban imports from Russia
Aluminium inventories in LME-registered warehouses rose to 351,900 tonnes, the highest since July. year
In a sign that immediately available supply is tightening, cash aluminium on the LME has flipped from a discount to a $14.50 premium over the three-month contract
Warehouse stock for Aluminium at LME was at 351900mt that is up by 15625mt.
BUY ALUMINIUM OCT 2022 @ 205.00 SL 202.00 TGT 209.00-212.00.MCX
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