Sell Copper May 2022 @ 812.00 SL 822.00 TGT 800.00-792.00.MCX - Kedia Advisory
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Copper
Copper trading range for the day is 794.9-832.7.
Copper fell as rising inventories and COVID-19 lockdowns in top metals consumer China weighed on demand prospects for the red metal.
China's financial markets are not immune to external shocks and the COVID situation also put more pressure on China's economy
Copper inventories in LME-approved warehouses rose 2,500 tonnes to 130,500 tonnes, their highest since last October.
Warehouse stock for Copper at LME was at 137775mt that is up by 7275mt.
SELL COPPER MAY 2022 @ 812.00 SL 822.00 TGT 800.00-792.00.MCX
Zinc
Zinc trading range for the day is 364.3-377.5
Zinc prices remained supported as import window for ore remained closed, hence domestic supply for smelters was tight.
China’s zinc output stood at 591,000 mt in March, up 5.7% from a year ago.
The COVID situation in China, especially east China, eased slightly evidenced by falling confirmed cases.
Warehouse stock for Zinc at LME was at 103250mt that is down by -2875mt.
SELL ZINC MAY 2022 @ 374.00 SL 380.00 TGT 368.00-364.00.MCX
Nickel
Nickel trading range for the day is 2506.5-2604.5.
Nickel gained as Sumitomo Metal sees global nickel demand for battery use at 410,000 in 2022
However upside seen limited 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.
Warehouse stock for Nickel at LME was at 72678mt that is down by -390mt.
SELL NICKEL MAY 2022 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX
Aluminium
Aluminium trading range for the day is 263.9-275.7.
Aluminium dropped as domestic aluminium output in April is expected to exceed the level of the same period last year
But the pandemic has continued to disrupt the shipments of aluminium smelters.
China c.bank says to step up support to economy, maintain market stability
Warehouse stock for Aluminium at LME was at 586000mt that is down by -3725mt.
SELL ALUMINIUM MAY 2022 @ 270.00 SL 274.00 TGT 266.00-262.00.MCX
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