Sell Copper Jul 2022 @ 630.00 SL 636.00 TGT 622.00-615.00.MCX - Kedia Advisory
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Copper
Copper trading range for the day is 607.4-656.6.
Copper fell weighed down by mounting fears of a global economic slowdown and resurgent Covid-19 outbreaks in top consumer China.
Fresh virus outbreaks in China also raised fears of stricter lockdowns and a wider economic disruption in the country, adding downward pressure.
Copper output at Peru’s huge Las Bambas mine has returned to normal levels after a twomonth shut down due to protests that ended last month.
Warehouse stock for Copper at LME was at 131775mt that is down by -1325mt.
SELL COPPER JUL 2022 @ 630.00 SL 636.00 TGT 622.00-615.00.MCX
ZINC
Zinc trading range for the day is 269.4-280.
Zinc dropped amid heightened risk aversion, as rising COVID case counts in several regions fueled talk of another round of painful lockdowns in China
New bank lending in China leapt in June, rising more than expected, while broad credit growth quickened amid efforts to revive the pandemic-hit economy.
Refined zinc output declined more than expected amid the tight raw material supply and the rapid decline in profits
Warehouse stock for Zinc at LME was at 82675mt that is down by -100mt.
SELL ZINC JUL 2022 @ 277.00 SL 280.00 TGT 272.00-268.00.MCX
NICKEL
Nickel trading range for the day is 665.2-665.2.
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 64074mt that is down by -96mt.
SELL NICKEL JUL 2022 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX
ALUMINIUM
Aluminium trading range for the day is 203.2-209.4.
Aluminium seen under pressure as the repeating pandemic in China affected the market sentiment to some extent.
The investors also weighed the rate hike expectations and energy shortage.
China produced 3.361 million mt of aluminium in June (30 calendar days), up 4.48% on the year.
Warehouse stock for Aluminium at LME was at 340375mt that is down by -3450mt.
SELL ALUMINIUM JUL 2022 @ 208.00 SL 211.00 TGT 203.00-200.00.MCX
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