Sell Copper Apr 2022 @ 828.00 SL 836.00 TGT 818.00-814.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 809.2-847.2.
Copper dropped as the International Monetary Fund slashed its forecast for global economic growth by nearly a full percentage point
MMG's Las Bambas copper mine in Peru suspends operations following protest
Chile's Cochilco raises 2022 copper price forecast to $4.40 per pound
Warehouse stock for Copper at LME was at 118825mt that is up by 8150mt.
SELL COPPER APR 2022 @ 828.00 SL 836.00 TGT 818.00-814.00.MCX
ZINC
Zinc trading range for the day is 368.3-388.5.
Zinc dropped as prospects of aggressive loosening by China's central bank spooked investors.
Zinc inventories in LME-registered warehouses had fallen to their lowest since June 2020 at 115,600 tonnes.
BofA reduces China's GDP forecast for 2022 to 4.2% from 4.8% due to concerns about disruptions from COVID controls
Warehouse stock for Zinc at LME was at 113750mt that is down by -1850mt.
SELL ZINC APR 2022 @ 382.00 SL 388.00 TGT 375.00-370.00.MCX
NICKEL
Nickel trading range for the day is 2482.4-2539.6.
Nickel dropped amid demand worries due to continued COVID-19 lockdowns in China weighed on the metals
Nickel briquette prices stood above 200,000 yuan/mt, and demand from nickel sulphate plants may contract.
Sumitomo Metal sees global nickel demand for battery use at 410,000 in 2022
Warehouse stock for Nickel at LME was at 72600mt that is down by -258mt.
SELL NICKEL APR 2022 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX
ALUMINIUM
Aluminium trading range for the day is 263.4-279.4.
Aluminium dropped as China aluminium production in March up 1.8% y/y
China March aluminium imports down 4.6% y/y amid high overseas prices
Domestic aluminium social inventory dropped 24,000 mt from last Thursday to 1.04 million mt.
Warehouse stock for Aluminium at LME was at 603650mt that is down by -4350mt.
SELL ALUMINIUM APR 2022 @ 272.00 SL 276.00 TGT 268.00-265.50.MCX
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