Sell Copper Apr 2022 @ 824.00 SL 832.00 TGT 816.00-810.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 806.7-824.1.
Copper settled flat as the US dollar climbed to its highest level in the past two years boosted by the hawkish voices of the US Fed officials
COVID lockdown in Shanghai paralysed local copper market while boosting premiums in neighbouring regions
Chile copper exports total $4.95 bln in March
Warehouse stock for Copper at LME was at 101275mt that is up by 6350mt.
SELL COPPER APR 2022 @ 824.00 SL 832.00 TGT 816.00-810.00.MCX
ZINC
Zinc trading range for the day is 344.1-357.1.
Zinc dropped as pressure seen after Japan's Mitsui Mining expects H1 zinc output up 5.6% y/y
LME to raise margin on zinc trading by 12%
China's March forex reserves fall to $3.188 trln
Warehouse stock for Zinc at LME was at 127675mt that is down by -2750mt.
SELL ZINC APR 2022 @ 355.00 SL 360.00 TGT 348.00-345.00.MCX
NICKEL
Nickel trading range for the day is 2389.4-2587.4.
Nickel dropped on profit booking after seen supported as the nickel ore inventory at Chinese ports dipped 230,000 wmt from a week earlier to 5.887 million wmt.
Sumitomo Metal sees global nickel demand for battery use at 410,000 in 2022
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 73902mt that is up by 978mt.
SELL NICKEL APR 2022 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX
ALUMINIUM
Aluminium trading range for the day is 269-285.4.
Aluminium dropped as COVID-19 restrictions in top consumer China fuelled worries about a slowdown in global economic growth.
Japan buyers agree to Q2 aluminium premium of $172/T
The resumed production will start to yield output in Q2, resulting in palpable increase in supply
Warehouse stock for Aluminium at LME was at 619775mt that is down by -100mt.
SELL ALUMINIUM APR 2022 @ 282.00 SL 286.00 TGT 276.50-272.50.MCX
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