Buy Zinc Oct 2022 @ 263.00 SL 260.00 TGT 268.00-272.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 618-644.8.
Copper weakened weighed down by aggressive monetary tightening around the world that stoked fears of a global recession and dampened metals demand.
Economic uncertainties in top metals consumer China also weighed on sentiment after Nomura and Goldman Sachs lowered their growth forecasts
Copper inventories in warehouses monitored by the Shanghai Futures Exchange rose 2.9 % from last Friday.
Warehouse stock for Copper at LME was at 129000mt that is up by 4275mt.
BUY COPPER OCT 2022 @ 625.00 SL 620.00 TGT 632.00-636.00.MCX
ZINC
Zinc trading range for the day is 261.3-276.7.
Zinc prices dropped as U.S. business activity contracted for a third straight month in September
Global zinc market flips to deficit of 72,800 T in July, says ILZSG
SHFE/LME zinc price ratio rose to a high of 7.8, and SHFE zinc continued to outperform LME zinc.
Warehouse stock for Zinc at LME was at 59500mt that is down by -1975mt.
BUY ZINC OCT 2022 @ 263.00 SL 260.00 TGT 268.00-272.00.MCX
NICKEL
Nickel trading range for the day is 643.3-643.3.
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 51804mt that is down by -762mt.
SELL NICKEL OCT 2022 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX
ALUMINIUM
Aluminium trading range for the day is 188-195.6.
Aluminum dropped amid slowing global growth amid rising interest rates and an escalating war in Ukraine
Investors have been on edge amid worries that aggressive monetary policy tightening would slow the global economy, dampening demand for metals
Sentiment has also been hit by Moscow's new mobilisation campaign in its invasion of Ukraine.
Warehouse stock for Aluminium at LME was at 338850mt that is down by -1500mt.
BUY ALUMINIUM OCT 2022 @ 189.00 SL 186.00 TGT 193.00-196.00.MCX
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