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Sell Copper Sep 2022 @ 652.00 Sl 656.00 Tgt 646.00-642.00.Mcx - Kedia Advisory
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COPPER
Copper trading range for the day is 633.4-663.8.
Copper dropped amid a weakening demand outlook driven largely by central bank policy tightening and persistent economic concerns in China
Chile's Codelco lowers 2022 copper production outlook
Japan's July copper exports up 22.5% y/y
Warehouse stock for Copper at LME was at 118500mt that is down by -2500mt.
SELL COPPER SEP 2022 @ 652.00 SL 656.00 TGT 646.00-642.00.MCX
ZINC
Zinc trading range for the day is 305.7-313.7.
Zinc dropped as in China, the smelters in Sichuan and Hunan started to resume the production since last weekend with the hot weather subsiding
The Non-Manufacturing PMI for China declined to a three-month low of 52.6 in August 2022 from 53.8 a month earlier
The Manufacturing PMI for China rose to 49.4 in August 2022 from 49.0 in the previous month, surpassing market forecasts of 49.2.
Warehouse stock for Zinc at LME was at 77050mt that is up by 75mt.
SELL ZINC SEP 2022 @ 312.00 SL 316.00 TGT 306.00-302.00.MCX
NICKEL
Nickel trading range for the day is 607.3-607.3.
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 54612mt that is up by 36mt.
SELL NICKEL SEP 2022 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX
ALUMINIUM
Aluminium trading range for the day is 203-209.8.
Aluminium dropped as supply concerns eased after power supply resumed in Sichuan province
China's southwestern Sichuan province resumed its power supply to industrial and residential usage, and factories there have restarted their production.
China’s weak manufacturing performance also weighed on sentiment
Warehouse stock for Aluminium at LME was at 277050mt that is down by -3425mt.
SELL ALUMINIUM SEP 2022 @ 208.00 SL 212.00 TGT 203.00-200.00.MCX
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