Buy Zinc Sep 2022 @ 314.00 SL 310.00 TGT 320.00-324.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 670.3-684.5.
Copper prices edged up, buoyed by an uptick in equities and a slight pullback in the U.S. dollar
China to promote fiscal, monetary policies to support job stabilisation
Refined copper market balance ended at a deficit of approximately 72,000 tonnes during this period – ICSG
Warehouse stock for Copper at LME was at 122125mt that is down by -1150mt.
BUY COPPER SEP 2022 @ 674.00 SL 668.00 TGT 682.00-688.00.MCX
ZINC
Zinc trading range for the day is 313.5-322.1.
Zinc rose as European energy crisis intensified with natural gas futures prices rose to a record high, and the supply tightness of zinc ingot extended.
The TCs for zinc concentrate in China were low, also alluding tight supply amid ongoing power rationing in Sichuan.
The global zinc market saw a deficit of 1,400 tonnes in June from a revised deficit of 1,900 tonnes a month earlier
Warehouse stock for Zinc at LME was at 77125mt that is down by -50mt.
BUY ZINC SEP 2022 @ 314.00 SL 310.00 TGT 320.00-324.00.MCX
NICKEL
Nickel trading range for the day is 612.2-612.2.
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 55074mt that is down by -156mt.
SELL NICKEL SEP 2022 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX
ALUMINIUM
Aluminium trading range for the day is 211.2-214.2.
Aluminum gains as support seen after Aluminum producer Speira GmbH is considering cutting production at its German smelter to 50% of total capacity.
Europe's aluminum smelters cut output as power crunch intensifies
Japan aluminium stocks down 1.6% m/m in July
Warehouse stock for Aluminium at LME was at 280125mt that is down by -1950mt.
BUY ALUMINIUM SEP 2022 @ 210.00 SL 207.00 TGT 214.00-217.00.MCX
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