Buy Zinc Oct 2022 @ 275.00 SL 272.00 TGT 280.00-282.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 643.7-666.9.
Copper rises on Chile mining closures
However, upside seen limited on expectations that Fed will continue to raise interest rates aggressively.
The Caixin China General Composite PMI tumbled to 48.5 in September 2022 from 53 in the prior month
Warehouse stock for Copper at LME was at 143775mt that is unchange mt.
BUY COPPER OCT 2022 @ 654.00 SL 650.00 TGT 659.00-662.00.MCX
ZINC
Zinc trading range for the day is 271.1-280.7.
Zinc prices dropped on profit booking amid a chorus of hawkish Federal Reserve speakers buoyed the dollar.
Several Fed officials reinforced the view that the central bank was nowhere near done with its hiking cycle, fanning worries about a recession
Concerns over top consumer China's economy will also keep the metal under pressure until the government eases its strict COVID-19 restrictions.
Warehouse stock for Zinc at LME was at 53300mt that is down by -175mt.
BUY ZINC OCT 2022 @ 275.00 SL 272.00 TGT 280.00-282.00.MCX
NICKEL
Nickel trading range for the day is 636.2-636.2.
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 52026mt that is down by -336mt.
SELL NICKEL OCT 2022 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX
ALUMINIUM
Aluminium trading range for the day is 198-206.2.
Aluminum dropped as concerns about an economic recession and manufacturing slowdown took a front seat.
Alcoa, has recently warned investors that high energy and raw material costs and a fall in aluminum prices are putting pressure on margins
Warehouse stock for Aluminium at LME was at 327675mt that is up by 50mt.
Warehouse stock for Aluminium at LME was at 327675mt that is up by 50mt.
BUY ALUMINIUM OCT 2022 @ 198.00 SL 195.00 TGT 202.50-204.00.MCX
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