Sell Zinc Jul 2022 @ 276.00 SL 280.00 TGT 270.00-268.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 631.8-686.6.
Copper dropped as soaring inflation and tepid factory data renewed fears of aggressive rate hikes and global economic slowdown, hitting demand.
From the United States to the euro zone, activity at factories slowed to levels last seen during the initial wave of the pandemic.
Global copper smelting activity declined in June, hit by a stoppage in top producer Chile
Warehouse stock for Copper at LME was at 136400mt that is down by -550mt.
SELL COPPER JUL 2022 @ 660.00 SL 666.00 TGT 662.00-656.00.MCX
ZINC
Zinc trading range for the day is 259.8-289.6.
Zinc dropped as a cocktail of factors from aggressive interest rates, a spike in COVID-19 cases in China, potential recession weighed on investor sentiment.
The SHFE/LME price ratio rose to 7.22, and the profits of imported zinc were as high as 1,137.1 yuan/mt in metal content
US Institute for Supply Management (ISM) manufacturing index fell to a two-year low in June.
Warehouse stock for Zinc at LME was at 83150mt that is down by -175mt.
SELL ZINC JUL 2022 @ 276.00 SL 280.00 TGT 270.00-268.00.MCX
NICKEL
Nickel trading range for the day is 678.6-678.6.
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 66324mt that is down by -300mt.
SELL NICKEL JUL 2022 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX
ALUMINIUM
Aluminium trading range for the day is 202.7-212.7.
Aluminium dropped as market players were still worried about a potential economic recession with the release of various economic readings.
U.S. manufacturing activity slowed more than expected in June, with a measure of new orders contracting for the first time in two years
Euro zone inflation hit a record high in June as price pressures broadened, and its peak could still be months away
Warehouse stock for Aluminium at LME was at 362525mt that is down by -3625mt.
SELL ALUMINIUM JUL 2022 @ 208.00 SL 212.00 TGT 204.00-202.00.MCX
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