Buy Zinc Aug 2022 @ 273.00 SL 268.00 TGT 280.00-285.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 621.3-645.7.
Copper rose after top consumer China sought to ease concerns over financial distress facing its property sector.
Copper inventories in warehouses monitored by the Shanghai Futures Exchange were down 29.4% from a week earlier.
A manufacturing downturn is accelerating in the euro zone and factory growth is slowing in Japan and Australia.
Warehouse stock for Copper at LME was at 133925mt that is up by 375mt.
BUY COPPER AUG 2022 @ 620.00 SL 614.00 TGT 628.00-635.00.MCX
Zinc
Zinc trading range for the day is 267.3-276.7.
Zinc prices gained as data from NBS showed that China’s refined zinc output was 549,000 mt in June, down 4.2% year-on-year.
The global zinc market flipped to a deficit of 3,900 tonnes in May from a revised surplus of 31,000 tonnes a month earlier
Zinc inventories in warehouses monitored by the Shanghai Futures Exchange were down 3.5% from a week earlier.
Warehouse stock for Zinc at LME was at 72475mt that is down by -350mt.
BUY ZINC AUG 2022 @ 273.00 SL 268.00 TGT 280.00-285.00.MCX
NICKEL
Nickel trading range for the day is 640-640.
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 60762mt that is down by -222mt.
SELL NICKEL AUG 2022 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX
Aluminium
Aluminium trading range for the day is 209.6-216.
Aluminium prices gained as China aluminium ingot inventory stood at 668,000 mt as, down 29,000 mt from last Thursday
Aluminium billet social inventory dropped 3,100 mt from a week ago to 95,400 mt
The total imports of primary aluminium imports stood at 28,500 mt, down 23.6% monthon-month
Warehouse stock for Aluminium at LME was at 313175mt that is down by -4100mt.
BUY ALUMINIUM AUG 2022 @ 207.00 SL 202.00 TGT 214.00-218.00.MCX
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