Buy Zinc Jul 2022 @ 270.00 SL 265.00 TGT 278.00-282.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 619.4-641.6.
Copper rebounded as the dollar weakened, while easing recession fears boosted investors' appetite for riskier assets.
China kept its monthly benchmark lending rates for corporate and household loans unchanged, matching market expectations.
Chilean miner Antofagasta cut its full-year output target to 640,000-660,000 tonnes.
Warehouse stock for Copper at LME was at 135575mt that is down by -625mt.
BUY COPPER JUL 2022 @ 620.00 SL 614.00 TGT 628.00-635.00.MCX
ZINC
Zinc trading range for the day is 270.1-282.7.
Zinc gains amid easing sentiment after Fed officials said a 100bps rate hike is not the first choice.
PBoC held steady its key rates for corporate and household loans at July fixing, as it is trying to support ongoing economic recovery.
The total zinc ingot social inventory across seven major markets in China stood at 153,700 mt down 400 mt from July 15
Warehouse stock for Zinc at LME was at 73425mt that is up by 175mt.
BUY ZINC JUL 2022 @ 270.00 SL 265.00 TGT 278.00-282.00.MCX
NICKEL
Nickel trading range for the day is 643.9-643.9.
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 61410mt that is down by -954mt.
ALUMINIUM
Aluminium trading range for the day is 206.4-213.8.
Aluminium gains as the social inventory of aluminium ingots continued to decrease
Global aluminium output rises 1.95% y/y to 5.65 mln T in June – IAI
In June 2022, the total imports of primary aluminium imports stood at 28,500 mt, down 23.6% month-on-month and down 82% year-on-year
Warehouse stock for Aluminium at LME was at 320675mt that is down by -4400mt.
BUY ALUMINIUM JUL 2022 @ 205.00 SL 201.00 TGT 210.00-212.00.MCX
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