Buy Zinc Sep 2022 @ 284.00 SL 280.00 Tgt 290.00-294.00.Mcx - Kedia Advisory
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COPPER
Copper trading range for the day is 632.4-653.4.
Copper edges higher on China stimulus
Supply-side issues such as low inventories and reduced output also lifted prices
Copper inventories in China bonded warehouses falling to a record low at 142,200 tonnes.
Warehouse stock for Copper at LME was at 106000mt that is down by -2450mt.
BUY COPPER SEP 2022 @ 636.00 SL 632.00 TGT 642.00-646.00.MCX
ZINC
Zinc trading range for the day is 278.6-295.2.
Zinc dropped amid pessimism on the macro front and falling economic readings amid inflation control
The August China Caixin Services PMI was higher than the estimate with a reading of 55, against the previous print of 55.5.
In addition, the People's Bank of China also decided to lower the foreign exchange deposit reserve ratio for financial institutions
Warehouse stock for Zinc at LME was at 77400mt that is down by -75mt.
BUY ZINC SEP 2022 @ 284.00 SL 280.00 TGT 290.00-294.00.MCX
NICKEL
Nickel trading range for the day is 609.6-609.6.
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 54342mt that is down by -90mt.
SELL NICKEL SEP 2022 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX
ALUMINIUM
Aluminium trading range for the day is 196.5-204.9.
Aluminium prices fell as a strong dollar and worries over economic growth overshadowed production cuts in Europe
Aluminium stocks in LME-registered warehouses rose by 31,325 tonnes to 308,375 tonnes, easing supply worries.
Norsk Hydro keeps some aluminium capacity offline due to weaker demand
Warehouse stock for Aluminium at LME was at 308375mt that is up by 31325mt.
BUY ALUMINIUM SEP 2022 @ 197.00 SL 194.00 TGT 202.00-205.00.MCX
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