Buy Zinc Apr 2022 @ 368.00 SL 364.00 TGT 374.00-378.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 805.3-829.3.
Copper gains amid a tight market as investors weigh lower supply from top producer Chile, disruptions caused by the war in Ukraine
China's copper cathode output in March edged up by 0.3% from February despite maintenance at some smelters.
Copper output in Chile, fell 7% from a year earlier to 394,700 tonnes in February, following a 7.5% fall in January
Warehouse stock for Copper at LME was at 104350mt that is down by -1250mt.
BUY COPPER APR 2022 @ 816.00 SL 810.00 TGT 824.00-830.00.MCX
ZINC
Zinc trading range for the day is 354.8-379.2.
Zinc rose as China's refined zinc output fell on both an annual and monthly basis in March
Daily zinc production plunged 12.7% in March from a month earlier.
China's social financing increased by 4.65 trillion yuan in March, 1.28 trillion yuan more than a year earlier
Warehouse stock for Zinc at LME was at 120825mt that is down by -2850mt.
BUY ZINC APR 2022 @ 368.00 SL 364.00 TGT 374.00-378.00.MCX
NICKEL
Nickel trading range for the day is 2421.9-2487.9.
Nickel gained as Sumitomo Metal sees global nickel demand for battery use at 410,000 in 2022
However upside seen limited amid demand worries due to continued COVID-19 lockdowns in China weighed on the metals.
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 73692mt that is down by -498mt.
SELL NICKEL APR 2022 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX
ALUMINIUM
Aluminium trading range for the day is 265.2-272.2.
Aluminium prices gained as inventory of LME aluminium hit a new low of over 16 years
Inventory of SHFE aluminium increased slightly, which has dropped for three weeks.
China produced 3.315 million mt of aluminium in March, down 0.92% on the year.
Warehouse stock for Aluminium at LME was at 610775mt that is up by 925mt.
BUY ALUMINIUM APR 2022 @ 268.00 SL 264.00 TGT 272.00-275.00.MCX
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