Buy Copper may 2022 @ 755.00 SL 750.00 TGT 762.00-768.00.MCX - Kedia Advisory
COPPER
Copper trading range for the day is 746-768.6.
Copper rose as hopes of a revival in demand grew after China eased COVID-19 restrictions and cut mortgage loan interest rates further
Shanghai will gradually begin reopening businesses such as shopping malls and hair salons from Monday after weeks in strict COVID lockdown
Citi downgrades China's 2022 GDP forecast to 4.2% from 5.1%.
Warehouse stock for Copper at LME was at 176550mt that is down by -450mt.
BUY COPPER MAY 2022 @ 755.00 SL 750.00 TGT 762.00-768.00.MCX
ZINC
Zinc trading range for the day is 303.8-316.2.
Zinc gained as hopes of a revival in demand grew after China set out plans to ease COVID19 restrictions
China central bank keeps medium – term policy rate unchanged, market expects LPR reduction
China’s Retail sales in April shrank 11.1% from a year earlier, the biggest contraction since March 2020
Warehouse stock for Zinc at LME was at 86225mt that is down by -325mt.
BUY ZINC MAY 2022 @ 308.00 SL 304.00 TGT 313.00-316.00.MCX
NICKEL
Nickel trading range for the day is 2120-2120.
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 73128mt that is up by 420mt.
SELL NICKEL MAY 2022 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX
ALUMINIUM
Aluminium trading range for the day is 233.8-240.2.
Aluminium prices gains as inventories in LME warehouses, already at their lowest in nearly 17 years, are likely to fall further over coming days
China April aluminium output up 0.3% y/y at 3.36 mln tonnes – stats bureau
China's economy cools sharply in April as lockdowns bite
Warehouse stock for Aluminium at LME was at 532500mt that is down by -7300mt.
BUY ALUMINIUM MAY 2022 @ 235.00 SL 232.00 TGT 239.00-242.00.MCX
To Read Complete Report & Disclaimer Click Here
Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer