Buy Copper Sep 2022 @ 642.00 SL 638.00 Tgt 648.00-650.00.Mcx - Kedia Advisory
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COPPER
Copper trading range for the day is 640.1-657.9.
Copper dropped amid expectations of a 75bps rate hike to curb inflation in the market, and the US dollar index also surged.
China is starting to ease strict COVID-19 regulations that had hurt economic growth and metals demand in the country.
Trading sentiment was cautious ahead of the U.S. Federal Reserve meeting later in the day, amid a busy week for global central bank meetings.
Warehouse stock for Copper at LME was at 107150mt that is up by 2075mt.
BUY COPPER SEP 2022 @ 642.00 SL 638.00 TGT 648.00-650.00.MCX
ZINC
Zinc trading range for the day is 275.8-286.8.
Zinc prices dropped on expectations the Federal Reserve will keep tightening aggressively to curb sky-high inflation hurting economic growth and demand for metals.
LME stocks currently stand at 75,700 tonnes, down by 123,625 tonnes on the start of the year
Nyrstar's 315,000-tonne-per-year Budel smelter in the Netherlands is the second to close fully
Warehouse stock for Zinc at LME was at 69850mt that is down by -5825mt.
BUY ZINC SEP 2022 @ 277.00 SL 274.00 TGT 281.00-283.00.MCX
NICKEL
Nickel trading range for the day is 675.8-675.8.
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 51408mt that is down by -294mt.
SELL NICKEL SEP 2022 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX
ALUMINIUM
Aluminium trading range for the day is 194.4-199.
Aluminum dropped pressured by a strong dollar while increasingly hawkish central banks dented demand for industrial metals.
Global aluminium output rises 3.49% year on year in August – IAI
Supply fears in China eased this year after power restrictions that curtailed production were relaxed.
Warehouse stock for Aluminium at LME was at 346025mt that is down by -300mt.
BUY ALUMINIUM SEP 2022 @ 195.00 SL 192.00 TGT 199.00-202.00.MCX
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