Sell Aluminium May 2022 @ 255.00 SL 258.00 TGT 250.00-246.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 772.6-800.6.
Copper prices seen pressure amid COVID-19 lockdowns in China and prospects of aggressive U.S. rate hikes fuelled recession fears.
Data showed the U.S. economy unexpectedly contracted in the first quarter amid a resurgence in COVID-19 cases
Copper inventories in warehouses monitored by the Shanghai Futures Exchange fell 30.8 percent from last Friday, the exchange said.
Warehouse stock for Copper at LME was at 156050mt that is up by 5200mt.
SELL COPPER MAY 2022 @ 786.00 SL 791.00 TGT 778.00-775.00.MCX
ZINC
Zinc trading range for the day is 334.9-359.9.
Zinc dropped as Fed is widely expected to raise the target for the fed funds rate by a halfpoint to 0.5%-1% during its May 2022 meeting
Supply of global refined zinc is likely to be in deficit in 2022
Supply of refined zinc will be in a 292,000 tonne deficit, the ILZSG said.
Warehouse stock for Zinc at LME was at 95350mt that is down by -925mt.
SELL ZINC MAY 2022 @ 345.00 SL 350.00 TGT 338.00-335.00.MCX
NICKEL
Nickel trading range for the day is 2444-2516.2.
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 72642mt that is up by 78mt.
SELL NICKEL MAY 2022 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX
ALUMINIUM
Aluminium trading range for the day is 247.8-258.4.
Aluminium dropped as investors are cautious amid the rising US dollar and the risk of slowing economic growth.
Social inventory of aluminium across China stood at 987,000 mt, a decrease by 34,000 mt from April 21, down 11
The domestic aluminium billet inventory stood at 105,900 mt as of April 28, a drop of 9.88% from a week ago.
Warehouse stock for Aluminium at LME was at 570100mt that is down by -1525mt.
SELL ALUMINIUM MAY 2022 @ 255.00 SL 258.00 TGT 250.00-246.00.MCX
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