Sell Alumininium May 2022 @ 246.00 SL 249.00 TGT 241.00-238.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 745-788.6.
Copper dropped as the global copper market is expected to see a surplus of 142,000 tonnes this year and of 352,000 tonnes in 2023
China's services sector activity contracted at the second-steepest rate on record in April, as COVID-19 curbs halted the industry
Global copper smelting activity rose in April even as COVID-19 lockdowns intensified in top producer China
Warehouse stock for Copper at LME was at 168800mt that is up by 14325mt.
SELL COPPER MAY 2022 @ 772.00 SL 778.00 TGT 765.00-762.00.MCX
ZINC
Zinc trading range for the day is 320.5-346.5.
Zinc dropped as total zinc inventories across seven markets in China stood at 281,100 mt as of May 5, up 4,000 mt from April 29
The Fed announced a 50 basis point rate hike and progressive balance sheet reduction plans
The global zinc market moved to a surplus of 14,300 tonnes in February from a revised deficit of 17,500 tonnes a month earlier
Warehouse stock for Zinc at LME was at 93175mt that is down by -900mt.
SELL ZINC MAY 2022 @ 334.00 SL 338.00 TGT 328.00-325.00.MCX
NICKEL
Nickel trading range for the day is 2325.5-2345.5.
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 73608mt that is up by 1224mt.
SELL NICKEL MAY 2022 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX
ALUMINIUM
Aluminium trading range for the day is 235.5-254.9.
Aluminium dropped as China's services sector activity contracted at the second-steepest rate on record in April
The Caixin services purchasing managers' index (PMI) fell to 36.2 in April, the secondlowest since the survey begun in November 2005
Aluminium ingot social inventory stood at 1,033 million mt as of Thursday May 5, up 46,000 mt from a week ago
Warehouse stock for Aluminium at LME was at 573600mt that is down by -375mt.
SELL ALUMINIUM MAY 2022 @ 246.00 SL 249.00 TGT 241.00-238.00.MCX
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