Buy Zinc Jul 2022 @ 308.00 SL 304.00 TGT 313.00-316.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 679.4-733.8.
Copper prices fell as fast-rising interest rates and weak economic data fanned fears of a global slowdown that would reduce demand for metals.
The world refined copper market showed a 3,000 tonne surplus in April, compared with a 22,000 tonne deficit in March
Citi forecasts copper prices at $8,500/t on a 3-month view
Warehouse stock for Copper at LME was at 113475mt that is down by -700mt.
BUY COPPER JUL 2022 @ 714.00 SL 710.00 TGT 720.00-724.00.MCX
ZINC
Zinc trading range for the day is 300.4-316.8.
Zinc prices dropped due to a slowdown in top metals consumer China and fears of a global recession eroding demand
Available zinc inventories in LME-registered warehouses have shrunk by two thirds this week to the lowest in at least 24 years.
Zinc inventories in Shanghai Futures Exchange warehouses have more than doubled this year to 159,672 tonnes.
Warehouse stock for Zinc at LME was at 79900mt that is up by 1300mt.
BUY ZINC JUL 2022 @ 308.00 SL 304.00 TGT 313.00-316.00.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 67794mt that is down by -666mt.
SELL NICKEL JUL 2022 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX
ALUMINIUM
Aluminium trading range for the day is 205.2-218.2.
Aluminium dropped as market players were increasingly worried about a potential economic recession
With the progress of resumption of work and production, the operating rate of aluminum processing enterprises has recovered month-on-month
The supply has been rising steadily, while the demand side was weaker than the same period last year despite some recovery.
Warehouse stock for Aluminium at LME was at 392275mt that is down by -3300mt.
BUY ALUMINIUM JUL 2022 @ 214.00 SL 212.00 TGT 218.00-220.00.MCX
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