Sell Copper Oct 2022 @ 658.00 SL 662.00 TGT 652.00-648.00.MCX - Kedia Advisory
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Copper
Copper trading range for the day is 642.7-666.1.
Copper eases on fed rate hike worries
The metal was also pressured by global recession fears, with the IMF and World Bank warning of growing risks of a global slowdown.
Chile permanently closed mining stopes connected to the giant sinkhole that appeared in the northern part of the country in July
Warehouse stock for Copper at LME was at 145750mt that is up by 1975mt.
SELL COPPER OCT 2022 @ 658.00 SL 662.00 TGT 652.00-648.00.MCX
ZINC
Zinc trading range for the day is 265.7-278.5.
Zinc prices dropped on profit booking amid a chorus of hawkish Federal Reserve speakers buoyed the dollar.
Several Fed officials reinforced the view that the central bank was nowhere near done with its hiking cycle, fanning worries about a recession
Concerns over top consumer China's economy will also keep the metal under pressure until the government eases its strict COVID-19 restrictions.
Warehouse stock for Zinc at LME was at 53275mt that is down by -25mt.
SELL ZINC OCT 2022 @ 273.00 SL 276.00 TGT 269.00-265.00.MCX
NICKEL
Nickel trading range for the day is 634.2-634.2.
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 52026mt that is unchange mt.
SELL NICKEL OCT 2022 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX
ALUMINIUM
Aluminium trading range for the day is 193.3-204.1.
Aluminum dropped as concerns about an economic recession and manufacturing slowdown took a front seat.
Alcoa, has recently warned investors that high energy and raw material costs and a fall in aluminum prices are putting pressure on margins.
Putting a floor under prices were fears of further supply disruptions after LME said it would restrict new supplies of Russian metal.
Warehouse stock for Aluminium at LME was at 325800mt that is down by -1875mt.
SELL ALUMINIUM OCT 2022 @ 202.00 SL 205.00 TGT 198.00-196.00.MCX
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