Copper trading range for the day is 620-663.2 - Kedia Advisory
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Copper
Copper trading range for the day is 620-663.2. 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 forecastsCopper inventories in warehouses monitored by the Shanghai Futures Exchange rose 2.9 % from last Friday.Warehouse stock for Copper at LME was at 124725mt that is up by 1950mt.
BUY COPPER OCT 2022 @ 625.00 SL 620.00 TGT 632.00-636.00.MCX
Zinc
Zinc trading range for the day is 267.6-285.2. 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 61475mt that is down by -2375mt
BUY ZINC OCT 2022 @ 270.00 SL 267.00 TGT 274.00-278.00.MCX
Nickel
Nickel trading range for the day is 656.8-656.8. 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 52566mt that is up by 318mt.
SELL NICKEL OCT 2022 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX
Aluminium
Aluminium trading range for the day is 189.2-200.4. 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 340350mt that is down by -1300mt
BUY ALUMINIUM OCT 2022 @ 189.00 SL 186.00 TGT 193.00-196.00.MCX
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