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 812-834.4.
Copper prices rose as a drop in output from top producer Chile and the potential for more sanctions on Russia raised risks of supply shortages.
LME copper hits near one – week peak on supply concerns
Chile's copper production fell 7.5% in February to 394,700 tonnes.
Warehouse stock for Copper at LME was at 95975mt that is up by 1175mt.
SELL COPPER APR 2022 @ 824.00 SL 832.00 TGT 816.00-810.00.MCX
ZINC
Zinc trading range for the day is 344.3-363.1.
Zinc rose amid lingering concerns of further supply disruptions due to prolonged high energy prices.
Some manufacturers planned to suspend the production amid a complicated market.
On-warrant inventories of zinc in LME warehouses fell to 78,125 tonnes, the lowest since May 2020 and down from about 130,000 tonnes in mid-March
Warehouse stock for Zinc at LME was at 134125mt that is down by -3550mt.
SELL ZINC APR 2022 @ 355.00 SL 360.00 TGT 348.00-345.00.MCX
NICKEL
Nickel trading range for the day is 2447.9-2583.9.
Nickel rose 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 72630mt that is down by -186mt.
SELL NICKEL APR 2022 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX
ALUMINIUM
Aluminium trading range for the day is 274.8-286.4.
Aluminium rose amid supply disruptions and increased production costs on the heels of Russia's invasion of Ukraine.
However, upside seen limited as aluminium production resumption accelerated
Pandemic has restricted downstream operating rates, and aluminium social inventory dropped slowly, with a number of ingot on road.
Warehouse stock for Aluminium at LME was at 623325mt that is down by -6450mt.
SELL ALUMINIUM APR 2022 @ 282.00 SL 286.00 TGT 276.50-272.50.MCX
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