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Published on 10/08/2018 11:03:42 AM | Source: Kedia Commodity Ltd

Buy Copper MCX Aug 2018 @ 420.00 SL 417.00 TGT 423.50-426.00 - Kedia

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

Copper

*  Copper trading range for the day is 415-431.

*  Copper prices gained supported by higher-than-expected Chinese consumer price index and producer price index for July.

*  China’s exports growth unexpectedly accelerated in July despite fresh U.S. tariffs, while its trade surplus with the United States remained near record highs.

*  China’s imports of copper concentrate rose to an all-time high last month as Chinese smelters ramped up purchases to feed their growing capacity.

*  Warehouse stock for Copper at LME was at 249150mt that is up by 3475mt.

*  BUY COPPER AUG 2018 @ 420.00 SL 417.00 TGT 423.50-426.00.MCX

Zinc

*  Zinc trading range for the day is 176-187.

*  Zinc dropped tracking weakness in LME prices due to a rapid rise in the dollar.

*  The U.S. Trade Representative’s office said the U.S. would begin collecting 25 percent tariffs on another $16 billion in Chinese goods later this month.

*  China's foreign exchange reserves increased in July, figures from People's Bank of China showed.

*  Warehouse stock for Zinc at LME was at 231900mt that is down by -775mt.

*  BUY ZINC AUG 2018 @ 178.50 SL 177.00 TGT 180.00-182.50.MCX

Nickel

*  Nickel trading range for the day is 938.2-976.4.

*  Nickel dropped as investors bet global trade tensions and a robust US economy would continue to support the dollar.

*  Nickel production rose 4.7% on the month and stood at 12,400 mt in July, this is down 9.7% year on year.

*  Discounts of high-grade nickel pig iron (NPI) to refined nickel prices are expected to widen this month due to an increasing supply of the former.

*  Warehouse stock for Nickel at LME was at 250548mt that is down by -828mt.

*  BUY NICKEL AUG 2018 @ 944.00 SL 936.00 TGT 950.00-964.00.MCX

Aluminium

*  Aluminium trading range for the day is 139.2-148.6.

*  Aluminium dropped on profit booking as the impact of strikes at Alcoa’s alumina refinery in Western Australia was smaller than expected.

*  Alcoa workers in Western Australia have walked out indefinitely over an enterprise agreement dispute with the aluminium maker, the Australian Workers’ Union said.

*  The Alcoa plants account for around 9.3 million tonnes of capacity or some 8 percent of the world’s supply of alumina.

*  Warehouse stock for Aluminium at LME was at 1162750mt that is down by -8700mt.

*  BUY ALUMINIUM AUG 2018 @ 142.00 SL 140.00 TGT 144.50-146.80.MCX

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