Buy Copper April 2021 @ 666.00 SL 662.00 TGT 670.50-674.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 660.8-708.6.
Copper prices gained after data showed a fall in smelting activities globally due to a shortage of feedstock material.
Global copper smelting slipped to the lowest levels in at least five years in March, especially in China, amid supply shortages
Yangshan copper premium fell to $57 a tonne, its lowest since Nov. 30, indicating weakening demand for imported copper into China
Warehouse stock for Copper at LME was at 143775mt that is down by -725mt.
BUY COPPER APR 2021 @ 666.00 SL 662.00 TGT 670.50-674.00.MCX
ZINC
Zinc trading range for the day is 216.8-222.2.
Zinc gained prices after data showed that social inventories of refined zinc ingots decreased 14,500 mt to 233,500 mt.
Prices also remained supported in the wake of improving economic prospects backed by the Biden government’s more than $2 trillion stimulus plan.
China’s economic recovery continued in March, powered by a strong surge in the service sector, data showed.
Warehouse stock for Zinc at LME was at 270500mt that is down by -350mt.
BUY ZINC APR 2021 @ 219.20 SL 217.00 TGT 221.60-223.00.MCX
NICKEL
Nickel trading range for the day is 1177.7-1269.5.
Nickel prices gained as support seen after data showed that the PMI for downstream nickel industries, stood at 52.44 in March, up 5.5 points from February.
Support also seen amid prospects of a strong US economic recovery.
The US economy created the most jobs in 7 months in March, the payrolls report showed.
Warehouse stock for Nickel at LME was at 259182mt that is down by -1062mt.
BUY NICKEL APR 2021 @ 1178.00 SL 1166.00 TGT 1192.00-1200.00.MCX
ALUMINIUM
Aluminium trading range for the day is 176.8-180.4.
Aluminium prices rose as traders worried that Chinese efforts to reduce smelter pollution will restrict output and supply will fall short of demand.
Soaring shipping costs, booming demand and tight supplies of primary and scrap aluminium are likely to fuel further price rises
Japanese aluminium buyers have agreed to pay the highest premium in six years to get their metal in the second quarter
Warehouse stock for Aluminium at LME was at 1889400mt that is down by -7675mt
BUY ALUMINIUM APR 2021 @ 176.00 SL 174.50 TGT 177.50-178.80.MCX
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