Buy Zinc Aug 2022 @ 312.00 SL 308.00 TGT 317.00-320.00 - Kedia Advisory
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
https://t.me/InvestmentGuruIndiacom
Download Telegram App before Joining the Channel
COPPER
* Copper trading range for the day is 659-671.
* Copper prices rose as falling inventories and improved exports in China balanced out fears of weakening demand from a global recession.
* China July copper imports rise on-year as price slump spurs buying
* ShFE copper stockpile have dropped 79% since March to 34,768 tonnes, their lowest levels since Jan. 28.
* Warehouse stock for Copper at LME was at 126975mt that is down by -875mt.
BUY COPPER AUG 2022 @ 658.00 SL 653.00 TGT 666.00-670.00.MCX
ZINC
* Zinc trading range for the day is 306-322.
* Zinc gains as the production recovery progress in Shaanxi was slow with the goal of controlling cost.
* However, zinc inventories in ShFE warehouses were still at their lowest since Jan. 21 at 88,896 tonnes by Aug. 5, down 50% since March.
* LME zinc stocks have nearly halved in the past three months.
* Warehouse stock for Zinc at LME was at 73275mt that is down by -275mt.
BUY ZINC AUG 2022 @ 312.00 SL 308.00 TGT 317.00-320.00.
NICKEL
* Nickel trading range for the day is 1870-1870.
* 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 56382mt that is down by -870mt.
SELL NICKEL AUG 2022 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX
ALUMINIUM
* Aluminium trading range for the day is 211.2-219.4.
* Aluminium gains as declining inventories and robust trade data in top importer China outweighed concerns about a demand-sapping global recession.
* China's exports unexpectedly increased by 18% yoy to a seven-month high of USD 332.96 billion in July of 2022
* Foreign exchange reserves in China unexpectedly increased by $32.80 billion from the prior month to $3.104 trillion in July of 2022
* Warehouse stock for Aluminium at LME was at 284275mt that is down by -3150mt.
SELL ALUMINIUM AUG 2022 @ 213.00 SL 216.00 TGT 208.00-205.00.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
