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Published on 18/06/2019 9:49:12 AM | Source: Kedia Commodity Ltd

Buy Copper Jun 2019 @ 407.00 SL 404.50 TGT 410.00-413.50.MCX - Kedia Commodities

Posted in Commodities Reports| #Kedia Commodity Ltd #Commodity Tips

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Copper

* Copper trading range for the day is 403.4-413.4.

* Copper dropped after weak manufacturing and investment data from top consumer China reinforced expectations of damage to growth and demand prospects.

* More than 3,000 unionized workers at Codelco's sprawling Chuquicamata copper mine walked off the job after failing to reach a labor deal earlier with Codelco.

* Rising copper stocks in LME approved warehouses – at 252,425 tonnes and up 35% since late May – are weighing on copper prices.

* Warehouse stock for Copper at LME was at 251350mt that is down by -1075mt.

BUY COPPER JUN 2019 @ 407.00 SL 404.50 TGT 410.00-413.50.MCX


 

Zinc

* Zinc trading range for the day is 200.9-207.9.

* Zinc dropped after China released data showing its industrial output growth slowed to a more than 17-year low of 5% in May.

* Higher social inventories of primary zinc and expectations of further buildup in stocks kept the prices under pressure.

* LME cash zinc premiums expanded to $148.5/mt, which renewed the expectations of higher inventories

* Warehouse stock for Zinc at LME was at 100150mt that is down by -475mt.

BUY ZINC JUN 2019 @ 203.50 SL 202.00 TGT 205.50-207.00.MCX

 

Nickel 

* Nickel trading range for the day is 852.2-889.6.

* Nickel prices continued its gains on concerns that supply of the metal from Indonesia would be disrupted as flooding has impacted some mines there.

* A widespread flooding in Indonesia's nickel hub of Sulawesi has sparked concerns of disruption in nickel supply from Indonesia.

* Nickel stocks in warehouses tracked by the Shanghai Futures Exchange jumped 52.6% from two weeks earlier to 5,835 tonnes.

* Warehouse stock for Nickel at LME was at 167148mt that is up by 4026mt.

BUY NICKEL JUN 2019 @ 875.00 SL 865.00 TGT 888.00-895.00.MCX

 

Aluminium

* Aluminium trading range for the day is 140.4-143.8.

* Aluminium dropped as the US dollar rose as US President Donald Trump struck a slightly more positive tone on the US-China trade war.

* China's aluminium production rose by 2.4 percent in May from a year earlier, official data showed.

* In the first five months of the year, China produced 14.45 million tonnes of aluminium, a rise of 2.7 percent from the same period last year, the data showed.

* Warehouse stock for Aluminium at LME was at 1055075mt that is down by -9550mt.

BUY ALUMINIUM JUN 2019 @ 142.00 SL 140.50 TGT 143.50-145.00.MCX

 

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