Sell Nickel Jun 2022 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 728.3-773.3.
Copper dropped amid renewed concerns about slowing demand as top consumer China reimposed COVID-19 lockdowns in Shanghai.
Prices were already under pressure following disappointing Chinese services PMI, sparked concerns about slowing economic growth.
China's NDRC: Demand and supply recovery continue to pose challenges
Warehouse stock for Copper at LME was at 121000mt that is down by -525mt.
BUY COPPER JUN 2022 @ 747.00 SL 742.00 TGT 753.00-758.00.MCX
ZINC
Zinc trading range for the day is 303.1-329.5.
Zinc prices dropped as renewed COVID-19 restrictions in top consumer China rekindled demand worries.
Risky assets also fell as the European Central Bank's rate-hike outlook unnerved investors amid heightened concerns about global slowdown.
Goldman Sachs lowered its 2022 growth forecast to 4% from 4.5%, below China's official target of around 5.5%.
Warehouse stock for Zinc at LME was at 79575mt that is down by -550mt.
BUY ZINC JUN 2022 @ 313.00 SL 309.00 TGT 318.00-320.00.MCX
NICKEL
Nickel trading range for the day is 718.2-718.2.
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 68922mt that is down by -630mt.
SELL NICKEL JUN 2022 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX
ALUMINIUM
Aluminium trading range for the day is 205.2-229.4.
Aluminium stocks in LME-registered warehouses fell to a fresh 21-year low of 416,125 tonnes
Aluminium social inventory totalled 785,000 mt as of June 16, down 68,000 mt from last Thursday and down 138,000 mt from the end of May.
China May aluminium output up 3.1% y/y at 3.42 mln T – stats bureau
Warehouse stock for Aluminium at LME was at 411575mt that is down by -4550mt.
BUY ALUMINIUM JUN 2022 @ 214.00 SL 212.00 TGT 218.00-220.00.MCX
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