Copper trading range for the day is 765.8-790 - Kedia Advisory
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COPPER
Copper trading range for the day is 765.8-790..
Copper prices slipped, as rising COVID-19 cases and lockdowns in top consumer China stoked demand worries.
China has announced a raft of stimulus package to support the economy.
China's property market woes are likely to worsen this year with prices remaining flat and sales and investment falling further.
Warehouse stock for Copper at LME was at 170650mt that is down by -425mt.
BUY COPPER JUN 2022 @ 775.00 SL 770.00 TGT 782.00-786.00.MCX
ZINC
Zinc trading range for the day is 317.9-328.1.
Zinc dropped as the market has basically digested the bullish factors from expected loosening of real estate policies
The global zinc market moved to a deficit of 6,300 tonnes in March from a revised surplus of 26,500 tonnes a month earlie
LME zinc inventory is still in a downward channel, and the decline in inventory has slowed down in recent days.
Warehouse stock for Zinc at LME was at 85650mt that is down by -350mt.
BUY ZINC JUN 2022 @ 320.00 SL 315.00 TGT 328.00-332.00.MCX
NICKEL
Nickel trading range for the day is 2304-2304.
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 72120mt that is up by 198mt.
SELL NICKEL JUN 2022 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX
ALUMINIUM
Aluminium trading range for the day is 237.4-251.8.
Aluminium dropped as downstream demand in China has not fully recovered yet, and spot aluminium was still offered with discounts.
LME aluminium inventories have started a relatively smooth road to destocking. Last week, inventories continued to decline.
Global aluminium output flat y – o – y at 5.599 mln T in April – IAI
Warehouse stock for Aluminium at LME was at 487475mt that is down by -9775mt.
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