Buy Copper Apr 2021 @ 672.00 SL 667.00 TGT 678.00-680.80.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 661.1-681.9.
Copper dropped amid a stronger dollar, sanctions between China and the West and new coronavirus lockdowns in Europe rattled sentiment.
Workers at Antofagasta's Los Pelambres copper mine in Chile have accepted a contract offer and abandoned the threat of a strike, the union said.
The global world refined copper market showed a 24,000 tonnes surplus in December, compared with a 93,000 tonnes deficit in November
Warehouse stock for Copper at LME was at 121950mt that is down by -475mt.
BUY COPPER APR 2021 @ 672.00 SL 667.00 TGT 678.00-680.80.MCX
ZINC
Zinc trading range for the day is 214.7-220.9.
Zinc prices dropped amid concerns over the world's recovery from the pandemic weighed on investor sentiment.
However downside seen limited as Global zinc market surplus shrank in January
For 2020, the surplus in the roughly 13.5 million tonne a year market was 536,000 tonnes, according to the ILZSG.
Warehouse stock for Zinc at LME was at 271350mt that is up by 7975mt.
BUY ZINC APR 2021 @ 220.00 SL 218.00 TGT 222.00-223.50.MCX
NICKEL
Nickel trading range for the day is 1157.2-1185.8.
Nickel prices gained as support seen after data showed Germany Manufacturing PMI jumped to 66.6 in March of 2021 from 60.7 in February
However upside seen limited due to concerns over a third COVID-19 wave in Europe, potential U.S. tax hikes and escalating tensions between the West and China.
Global nickel market surplus shrank to 8,400 tonnes in January from a revised surplus of 14,700 tonnes in the previous month
Warehouse stock for Nickel at LME was at 261660mt that is up by 732mt.
BUY NICKEL APR 2021 @ 1156.00 SL 1146.00 TGT 1170.00-1180.00.MCX
ALUMINIUM
Aluminium trading range for the day is 172.9-180.3.
Aluminium prices rose as traders worried that Chinese efforts to reduce smelter pollution will restrict output and supply will fall short of demand.
China’s government is expected to curtail capacity growth, with Inner Mongolia ordering some smelter closures this month.
Speculative investors are rebuilding a bullish position in LME aluminium with a net long equal to 7.8% of open contracts
Warehouse stock for Aluminium at LME was at 1946550mt that is down by -9775mt.
BUY ALUMINIUM APR 2021 @ 176.20 SL 174.50 TGT 178.00-179.60.MCX
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