Sell Copper Aug 2022 @ 670.00 Sl 675.00 TGT 662.0 - Kedia Advisory
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COPPER
Copper trading range for the day is 657.5-674.5.
Copper dropped after China reported lower-than-expected industrial production, fixed asset investments and retail sales numbers.
China’s central bank cut key lending rates in a surprise move to revive demand as data showed the economy unexpectedly slowing in July
Meanwhile, tight inventories and supply risks kept a floor on copper prices, with London and Shanghai exchanges recently reporting falling stockpiles
Warehouse stock for Copper at LME was at 129475mt that is down by -1075mt.
SELL COPPER AUG 2022 @ 670.00 SL 675.00 TGT 662.0
ZINC
Zinc trading range for the day is 307.4-348.4.
Zinc rose amid supply tightness after Nyrstar, announced to close the smelter BUDEL starting from September 1.
PBOC reduced the rate on its one-year policy loans by 10 bps to 2.75% and that for sevenday reverse repos by the same margin to 2%.
China’s industrial output grew 3.8% in July from a year ago, missing the 4.6% forecast and slowing from a 3.9% gain in June.
Warehouse stock for Zinc at LME was at 75175mt that is up by 975mt.
SELL ZINC AUG 2022 @ 328.00 SL 332.00 TGT 322.00-318.00.MCX
NICKEL
Nickel trading range for the day is 1878-1878.
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 56346mt that is up by 162mt.
SELL NICKEL AUG 2022 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX
ALUMINIUM
Aluminium trading range for the day is 205.1-215.3.
.Aluminium dropped as fears of a demand-sapping global recession and higher production levels in China continued to hang over the market.
Concerns about an economic and manufacturing slowdown have taken a front seat
.China’s primary aluminum production rose 5.6% to a record monthly high of 3.43 million tonnes in July from a year earlier.
Warehouse stock for Aluminium at LME was at 275625mt that is down by -100mt.
SELL ALUMINIUM AUG 2022 @ 212.00 SL 215.00 TGT 208.00-205.00.MCX
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