Buy Copper Aug 2022 @ 668.00 Sl 663.00 Tgt 674.00-678.00.Mcx - Kedia Advisory
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COPPER
Copper trading range for the day is 661.6-682.
Copper prices rose but ended the week lower as traders balanced hopes for solid demand in China with pessimism about the global economy.
China is widely expected to lower its benchmark lending rates and has pledged other stimulus to support its economy
Yangshan copper import premiums surged to $107 a tonne, from less than $10 in March, suggesting greater appetite for overseas metal.
Warehouse stock for Copper at LME was at 123825mt that is down by -2650mt.
BUY COPPER AUG 2022 @ 668.00 SL 663.00 TGT 674.00-678.00.MCX
ZINC
Zinc trading range for the day is 308.2-322.4.
Zinc remained supported amid lingering supply concerns due to production disruptions in Europe and China.
Nyrstar, announced it would halt production from September 1st amid skyrocketing power prices.
Data shows that the zinc ingot inventories across seven major markets in China totalled 132,200 mt down 5,400 mt from Monday
Warehouse stock for Zinc at LME was at 74725mt that is down by -225mt.
BUY ZINC AUG 2022 @ 312.00 SL 308.00 TGT 317.00-320.00.MCX
NICKEL
Nickel trading range for the day is 629-629.
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 55914mt that is down by -96mt.
SELL NICKEL AUG 2022 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX
ALUMINIUM
Aluminium trading range for the day is 208-212.2.
Aluminium dropped as fears of a demand-sapping global recession and higher production levels in China continued to hang over the market
China’s primary aluminum production rose 5.6% to a record monthly high of 3.43 million tonnes in July from a year earlier
Aluminium capacity cuts due to power rationing in Sichuan province is expected to amount to 500,000 mt
Warehouse stock for Aluminium at LME was at 273775mt that is down by -750mt.
BUY ALUMINIUM AUG 2022 @ 208.00 SL 204.00 TGT 213.00-216.00.MCX
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