Sell Aluminium Aug 2022 @ 212.00 Sl 215.00 Tgt 208.00-205.00.Mcx - Kedia Advisory
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COPPER
Copper trading range for the day is 666-689.4.
Copper prices dropped as pressure seen after Copper inventories in SHFE warehouses rose 20.3 percent from last Friday.
Copper import premiums in China, are at an eight-month high, suggesting rising demand for overseas metal.
China produced 840,000 mt of copper cathode in July, down 2.5% on the month and up 1.1% on the year
Warehouse stock for Copper at LME was at 130550mt that is down by -1300mt.
SELL COPPER AUG 2022 @ 675.00 SL 680.00 TGT 668.
ZINC
Zinc trading range for the day is 313-333.
Zinc prices dropped on profit booking as zinc ingot social inventory totalled 139,200 mt, up 2,600 mt from Monday August 8
Transactions in the spot market were sluggish as downstream players received fewer new orders from terminal companies.
Smelters have been curbing production as high energy prices exuberated by the war in Ukraine are making it unprofitable
Warehouse stock for Zinc at LME was at 74200mt that is down by -300mt.
SELL ZINC AUG 2022 @ 322.00 SL 325.00 TGT 317.00-315.00.MCX
NICKEL
Nickel trading range for the day is 1880-1880.
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 56184mt that is up by 66mt.
SELL NICKEL AUG 2022 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX
ALUMINIUM
Aluminium trading range for the day is 206.4-222.6.
Aluminium prices pressured amid sluggish demand and aluminium ingot inventory rose slightly since entering August.
The aluminium ingot social inventories across China totalled 693,000 mt as of August 11, up 15,000 mt from last Thursday.
Aluminium smelter in China's Sichuan cut its output following an accident, which is expected to affect 200,000 mt of capacity.
Warehouse stock for Aluminium at LME was at 275725mt that is down by -1500mt.
SELL ALUMINIUM AUG 2022 @ 212.00 SL 215.00 TGT 208.00-205.00.MCX
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