Buy Copper Apr 2022 @ 820.00 SL 814.00 TGT 828.00-832.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 811.4-854.4.
Copper gains as supply risks rose on declining inventories and the likelihood of moresanctions on Russia, one of the largest producers of the metal
Copper inventories in warehouses monitored by the Shanghai Futures Exchange fell 8.2% from last Friday, the exchange said
China is expected to report a sharp deterioration in economic activity in March as COVID19 outbreaks and lockdowns hit consumers and factories
Warehouse stock for Copper at LME was at 110675mt that is up by 3675mt
BUY COPPER APR 2022 @ 820.00 SL 814.00 TGT 828.00-832.00.MCX
ZINC
Zinc trading range for the day is 367.4-390.6.
Zinc rose as low inventories and hopes for additional stimulus in top metals consumer China outweighed pressure from a stronger dollar.
Zinc inventories in LME-registered warehouses have fallen to their lowest since June 2020 at 117,850 tonnes
China's gross domestic product (GDP) expanded by 4.8% in the first quarter from a year earlier
Warehouse stock for Zinc at LME was at 115600mt that is down by -2250mt.
BUY ZINC APR 2022 @ 371.00 SL 368.00 TGT 376.50-380.00.MCX
NICKEL
Nickel trading range for the day is 2516-2516.
Nickel gained as Sumitomo Metal sees global nickel demand for battery use at 410,000 in 2022
However upside seen limited amid demand worries due to continued COVID-19 lockdowns in China weighed on the metals.
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 72600mt that is down by -258mt.
SELL NICKEL APR 2022 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX
ALUMINIUM
Aluminium trading range for the day is 266.3-275.7.
Aluminium dropped as pressure seen after China's aluminium production in March rose 1.8% from a year earlier
China March aluminium imports down 4.6% y/y amid high overseas prices
The soon-to-be-implemented RRR cut will improve market liquidity, boosting the real economy.
Warehouse stock for Aluminium at LME was at 608000mt that is down by -4275mt.
BUY ALUMINIUM APR 2022 @ 269.00 SL 265.00 TGT 273.50-276.00.MCX
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