Buy Zinc Jul 2022 @ 292.00 SL 287.00 TGT 298.00-302.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 675.4-718.6.
Copper slumped as demand concerns continued to weigh on sentiment and more hawkish approach from the Fed and other central banks
Global manufacturing growth is slowing, partly due to coronavirus restrictions in top producer China
Union leaders at Chile's state-owned mining firm Codelco, reached an agreement with the company to end a national strike
Warehouse stock for Copper at LME was at 113025mt that is down by -450mt.
SELL COPPER JUL 2022 @ 690.00 SL 693.00 TGT 702.00-708.00.MCX
ZINC
Zinc trading range for the day is 280.4-318.
Zinc dropped as growing concerns over recession and weak economic readings pointed to a likely impact on demand.
Global zinc market flips to surplus of 10,900 T in April – ILZSG
Manufacturing growth is slowing from Asia to Europe as China's COVID-19 curbs and Russia's invasion of Ukraine disrupt supply chains
Warehouse stock for Zinc at LME was at 79175mt that is down by -725mt.
BUY ZINC JUL 2022 @ 292.00 SL 287.00 TGT 298.00-302.00.MCX
NICKEL
Nickel trading range for the day is 700-700.
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 67296mt that is down by -498mt.
SELL NICKEL JUL 2022 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX
ALUMINIUM
Aluminium trading range for the day is 203.9-213.9.
Aluminium dropped as the market was in deep concerns over a potential economic recession after the release of major economic readings in the US and Europe.
The preliminary US Markit manufacturing PMI for June was significantly less than expected, which refreshed the 23-month low
Global primary aluminium output in May rose 0.43% year on year to 5.805 million tonnes
Warehouse stock for Aluminium at LME was at 388750mt that is down by -3525mt.
BUY ALUMINIUM JUL 2022 @ 206.00 SL 202.00 TGT 211.00-214.00.MCX
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