Buy Zinc Jul 2022 @ 268.00 SL 264.00 TGT 274.00-280.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 592-634.4.
Copper gained as Copper inventories in China’s bonded zones decreased by 8,100 mt from last Friday July 8 to 278,300 mt as of July 15.
However prices dropped heavily in the week on a stronger dollar and weak demand outlook due to slowing economic growth and imminent rate hikes.
Economic growth in top metals consumer China slowed sharply in the second quarter, expanding 0.4% year-on-year
Warehouse stock for Copper at LME was at 130425mt that is up by 1175mt.
BUY COPPER JUL 2022 @ 610.00 SL 605.00 TGT 618.00-625.00.MCX
ZINC
Zinc trading range for the day is 256.7-277.5.
Zinc prices rose as zinc ingot social inventory in China totalled 153,700 mt, down 3,000 mt
China central bank keeps medium – term policy rate unchanged for a sixth month
China's Q2 GDP growth slows sharply to 0.4% y/y
Warehouse stock for Zinc at LME was at 77850mt that is down by -1625mt.
BUY ZINC JUL 2022 @ 268.00 SL 264.00 TGT 274.00-280.00.MCX
NICKEL
Nickel trading range for the day is 636.7-636.7.
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 63084mt that is down by -408mt.
SELL NICKEL JUL 2022 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX
ALUMINIUM
Aluminium trading range for the day is 200.5-208.1.
Aluminium prices gained as the social inventory of aluminum ingots in China continued to decline.
China June aluminium output rose 3.2% y/y at 3.39 mln tonnes
Production at U.S. factories dropped for a second straight month in June
Warehouse stock for Aluminium at LME was at 333000mt that is down by -3850mt.
BUY ALUMINIUM JUL 2022 @ 203.00 SL 200.00 TGT 210.00-214.00.MCX
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