Buy Zinc Sep 2022 @ 280.00 SL 276.00 TG - Kedia Advisory
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COPPER
Copper trading range for the day is 629.7-662.9.
Copper prices gained as some support seen after China's factory output grew faster than predicted and LME copper inventories kept falling
Copper inventories in warehouses monitored by the Shanghai Futures Exchange fell 1.4 % from last Friday, the exchange said.
Yangshan copper import premiums have fallen to $93 a tonne from $112.50 last month, suggesting weaker demand for overseas metal.
Warehouse stock for Copper at LME was at 102000mt that is down by -1225mt.
BUY COPPER SEP 2022 @ 646.00 SL 640.00 TGT 653.00-658.00.MCX
ZINC
Zinc trading range for the day is 271.4-288.
Zinc dropped as investors braced for a U.S. rate hike amid growing concerns of a global recession following warnings from the World Bank and IMF
China retail sales rise the most in 3 months
China factory output growth at 5-month high
Warehouse stock for Zinc at LME was at 75700mt that is down by -400mt.
BUY ZINC SEP 2022 @ 280.00 SL 276.00 TGT 285.00-288.00.MCX
NICKEL
Nickel trading range for the day is 636.1-636.1.
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 51690mt that is down by -192mt.
ALUMINIUM
Aluminium trading range for the day is 195-202.8.
Aluminum dropped as China aluminium production up 9.6 % to 3.51 mln tonnes in August
Prices were also pressured by gloomy demand outlook against the backdrop of Fed likely aggressive interest rate hikes and a firm dollar.
CME says aluminium futures average daily volumes have surged in Q3
Warehouse stock for Aluminium at LME was at 347650mt that is down by -2000mt.
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