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Published on 9/04/2020 4:38:38 PM | Source: Kedia Advisory

Buy Copper APR 2020 @ 377.00 SL 373.50 TGT 382.00-384.50.MCX

Posted in Commodities Reports| #Commodity Tips #Kedia Advisory

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Copper

* Copper trading range for the day is 385.9-391.3.

* Copper prices retreated as the spreading new coronavirus pandemic continued to dampen demand outlook for the metal.

* Glencore's Zambian unit Mopani Copper Mines said it would shutter its mines following disruption from the pandemic and low copper prices.

* The global world refined copper market showed a 68,000 tonnes surplus in December, compared with a 49,000 tonnes deficit in November.

* Warehouse stock for Copper at LME was at 259850mt that is  up by  43350mt.

BUY COPPER APR 2020 @ 377.00 SL 373.50 TGT 382.00-384.50.MCX

 

Zinc

* Zinc trading range for the day is 147.1-149.9.

* Zinc dropped as investors turned wary on getting too optimistic about the coronavirus while death tolls were still mounting across the globe.

* Raw material supply shortages at Chinese zinc smelters have eased following recent gains in zinc prices and a cut to concentrate treatment charges

* The global zinc market flipped to a surplus of 35,600 tonnes in January from a deficit of 1,200 tonnes in December.

* Warehouse stock for Zinc at LME was at 89475mt that is  up by  14075mt.

BUY ZINC APR 2020 @ 145.20 SL 143.00 TGT 147.50-149.00.MCX

 

Nickel

* Nickel trading range for the day is 879.3-891.1.

* Nickel gains as support seen after Global Ferronickel Holdings Inc., has decided to suspend mining operations to allay growing concerns over the spread of the coronavirus.

* The Philippines' Nickel Asia Corp said on Wednesday it has decided to suspend its nickel ore mining and export operations in the southern province of Surigao del Norte.

* China's foreign exchange reserves came in at $3.0606 trillion at the end of March, official data showed.

* Warehouse stock for Nickel at LME was at 229062mt that is  up by  456mt.

BUY NICKEL APR 2020 @ 862.00 SL 856.00 TGT 870.00-876.00.MCX
 

Aluminium

* Aluminium trading range for the day is 132-133.8.

* Aluminium dropped as ample supply swamped weak demand in the wake of the coronavirus outbreak.

* Social inventories of primary aluminium ingots declined sharply over the holiday-extended weekend, as demand improved.

* The number of Job Openings in the US fell to 6.9 million on the last business day of February.

* Warehouse stock for Aluminium at LME was at 1227450mt that is  up by  13700mt.

BUY ALUMINIUM APR 2020 @ 134.00 SL 132.00 TGT 136.00-137.20.MCX

 

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