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Published on 13/07/2018 10:57:47 AM | Source: Kedia Commodity Ltd

Buy Copper MCX Aug 2018 @ 420.00 SL 417.00 TGT 423.50-427.00 - Kedia Commodity

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

COPPER

Copper trading range for the day is 416.8-428.4.

Copper recovered on short covering after prices dropped as trade tensions between the United States and China undermined confidence in demand for metals.

China accused the United States of bullying and warned it would hit back after the Trump administration raised the stakes in their trade dispute.

The domestic price spread between scrap and refined copper narrowed to 100 yuan/mt, indicating a weaker substitution of scrap for the refined metal.

Warehouse stock for Copper at LME was at 262750mt that is down by -2725mt.

BUY COPPER AUG 2018 @ 420.00 SL 417.00 TGT 423.50-427.00.MCX

ZINC

Zinc trading range for the day is 172.3-182.7.

Zinc recovered some of its losses on short covering after prices dropped on a gaining US dollar and fears of a trade war.

The Trump administration started the process of imposing tariffs on a further $200 billion of imports from China.

South Korea declined to purchase 1,000 tonnes of zinc as it received a single bid, state-run Public Procurement Service said.

Warehouse stock for Zinc at LME was at 245650mt that is down by -3550mt.

BUY ZINC JUL ABV 177.65 SL BELOW 175.20 TGT 179-180.50. MCX (BTST)

NICKEL

Nickel trading range for the day is 951.9-993.9.

Nickel gained as support seen the Chinese government’s intensive environmental initiatives continued to limit the production of nickel pig iron.

The Philippines' nickel ore exports could drop by up to 17 percent this year as weaker prices curb output in the world's second-biggest supplier.

Nickel ore inventory across all Chinese ports increased 320,000 wmt from a week ago to 9.18 million wmt.

Warehouse stock for Nickel at LME was at 263730mt that is up by 510mt.

BUY NICKEL JUL 2018 @ 960.00 SL 950.00 TGT 972.00-985.00.MCX

ALUMINIUM

Aluminium trading range for the day is 137-143.8.

Aluminium prices ended with losses tracking weakness in LME prices as pressure seen after rise in LME stocks by over 14000mt.

China's inventory of primary aluminium across eight major markets, including SHFE warrants, fell 33,000 mt over the week to stand at 1.8 million mt.

Accelerated downstream consumption due to falling prices led the decline in stocks to be bigger than the 10,000 mt week-on-week drop recorded last week.

Warehouse stock for Aluminium at LME was at 1134600mt that is up by 14075mt.

BUY ALUMINIUM JUL 2018 @ 139.00 SL 137.50 TGT 140.80-142.00.MCX

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