Buy Copper Sep 2022 @ 668.00 Sl 662.00 Tgt 675.00-678.00.Mcx - Kedia Advisory
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COPPER
Copper trading range for the day is 666.3-680.5.
Copper dropped as dismal data from the world's major economies heightened fears of a global recession, dampening the outlook for metals demand..
Copper market in 66,000 tonne deficit in Jun 2022 – ICSG
U.S. private-sector business activity contracted for a second straight month in August to its weakest level in 27 months.
Warehouse stock for Copper at LME was at 123275mt that is up by 900mt.
BUY COPPER SEP 2022 @ 668.00 SL 662.00 TGT 675.00-678.00.MCX
ZINC
Zinc trading range for the day is 310-318.6.
Zinc prices gained as the global zinc market saw a deficit of 1,400 tonnes in June
Refined zinc output in August is expected to rise to 530,000-540,000 mt, weakening the support on the supply side.
Boliden declares force majeure on zinc amid Norway strike
Warehouse stock for Zinc at LME was at 77175mt that is up by 750mt.
BUY ZINC SEP 2022 @ 312.00 SL 308.00 TGT 317.00-320.00.MCX
NICKEL
Nickel trading range for the day is 615.9-615.9.
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 55230mt that is down by -162mt.
SELL NICKEL SEP 2022 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX
ALUMINIUM
Aluminium trading range for the day is 209.8-214.8.
Aluminium dropped as slowing economic growth curtails demand but downside seen limited as smelter closures reduced supply.
A smelter in Slovakia became the latest in Europe to announce a closure due to sky-high energy costs last week
Authorities in China's Sichuan province have, ordered the temporary shutdown of smelters that can produce around 1 million tonnes a year.
Warehouse stock for Aluminium at LME was at 282075mt that is up by 10625mt.
BUY ALUMINIUM SEP 2022 @ 208.00 SL 204.00 TGT 213.00-216.00.MCX
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