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Buy Zinc Aug 2022 @ 312.00 Sl 308.00 Tgt 317.00-320.00.Mcx - Kedia Advisory
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COPPER
Copper trading range for the day is 659.3-682.1.
Copper prices dropped as the People's Bank of China is loosening monetary policy aiming to shore up the economy.
China cut its benchmark lending rate and lowered the mortgage reference by a bigger margin, adding to last week's easing measures
Kazakhstan's January-July refined copper output jumped by 22.3% year on year
Warehouse stock for Copper at LME was at 122575mt that is down by -1250mt.
BUY COPPER AUG 2022 @ 668.00 SL 663.00 TGT 674.00-678.00.MCX
ZINC
Zinc trading range for the day is 310.5-319.3.
Zinc gains due to the continuous hot weather in China, the influence of power rationing on smelters is extending.
Kazakhstan's January-July refined zinc production down by 0.6% year on year
Zinc ingot social inventory across seven major markets in China totalled 114,700 mt, down 10,600 mt from last Monday
Warehouse stock for Zinc at LME was at 74725mt that is unchange mt.
BUY ZINC AUG 2022 @ 312.00 SL 308.00 TGT 317.00-320.00.MCX
NICKEL
Nickel trading range for the day is 627.5-627.5.
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 55728mt that is down by -186mt.
SELL NICKEL AUG 2022 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX
ALUMINIUM
Aluminium trading range for the day is 208.1-211.3.
Aluminium prices dropped as Global aluminium output rises 2.1% year on year in July
PBOC lowered its key rates for corporate and household loans at August fixing, the second reduction this year
Aluminium ingot social inventory added 3,000 mt from last Thursday August 18 to 683,000 mt as of today.
Warehouse stock for Aluminium at LME was at 273325mt that is down by -450mt.
BUY ALUMINIUM AUG 2022 @ 208.00 SL 204.00 TGT 213.00-216.00.MCX
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