Sell Copper Aug 2022 @ 658.00 SL 662.00 TGT 652.00-648.00.MCX - Kedia Advisory
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COPPER
* Copper trading range for the day is 642-666.6.
* Copper prices gains buoyed by weaker dollar as market sentiment improved and the orders of copper processing enterprises picked up.
* China current account surplus widens in Q2
* Copper inventories in warehouses monitored by the Shanghai Futures Exchange fell 6.1 percent from last Friday
* Warehouse stock for Copper at LME was at 128600mt that is down by -975mt.
SELL COPPER AUG 2022 @ 658.00 SL 662.00 TGT 652.00-648.00.MCX
ZINC
* Zinc trading range for the day is 297.4-319.4.
* Zinc gains as Glencore warned against potential production suspension amid aggravating energy crisis, fuelling bullish sentiment
* China's refined zinc output decreased in July due to the maintenance
* LME zinc stocks have nearly halved in the past three months.
* Warehouse stock for Zinc at LME was at 73925mt that is up by 3925mt.
SELL ZINC AUG 2022 @ 311.00 SL 314.00 TGT 306.00-302.00.MCX
NICKEL
* Nickel trading range for the day is 644.7-644.7.
* 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 contrac
* Warehouse stock for Nickel at LME was at 57624mt that is down by -276mt.
SELL NICKEL AUG 2022 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX
ALUMINIUM
* Aluminium trading range for the day is 208.1-214.5.
* Aluminium gains as SHFE aluminium warrants dropped to a low level and a potential short squeeze is possible amid the low inventory
* China's current account surplus widened to USD 80.2 billion in the second quarter of 2022
* Aluminium ingot social inventory stood at 678,000 mt as of Thursday August 4, up 7,000 mt from a week ago
* Warehouse stock for Aluminium at LME was at 289125mt that is down by -1550mt.
SELL ALUMINIUM AUG 2022 @ 213.00 SL 216.00 TGT 208.00-205.00.MCX
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