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Published on 29/05/2020 3:31:02 PM | Source: Kedia Advisory

Buy Copper Jun 2020 @ 410.80 SL 408.00 Tgt 414.00-416.50 - Kedia Advisory

Posted in Commodities Reports| #Commodity #Kedia Advisory

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Copper

* Copper trading range for the day is 408.6-420.

* Copper prices rose buoyed by hopes of improving demand for the red metal amid more stimulus measures.

* Coronavirus to exacerbate copper surplus this year and next -IWCC.

* Production in Peru's mining sector will fall by at least 15% this year, representing a loss in revenues of up to $5 billion.

* Warehouse stock for Copper at LME was at 264425mt that is down by -950mt.

* BUY COPPER JUN 2020 @ 410.80 SL 408.00 TGT 414.00-416.50.MCX.

 

ZINC

* Zinc trading range for the day is 153.6-160.6.

* Zinc gained on short covering after prices dropped as investors weighed optimism over the reopening of economies.

* In China, profits at major industrial firms continued to fall in the first four months of 2020, but the decline was seen too narrow.

* Data showed that social inventories of refined zinc ingots across Shanghai, Tianjin, Guangdong, Jiangsu, Zhejiang, Shandong and Hebei decreased 3,600 mt.

* Warehouse stock for Zinc at LME was at 103250mt that is down by -2900mt.

* BUY ZINC JUN 2020 @ 155.80 SL 154.50 TGT 157.20-158.50.MCX

Nickel

* Nickel trading range for the day is 921.6-938.2.

* Nickel prices remained supported buoyed by hopes that stimulus measures will boost demand as more economies reopened .

* However, risks remained, with tensions rising between the US and China after Beijing proposed directly imposing national security legislation in Hong Kong.

* The global nickel market surplus narrowed to 14,000 tonnes in March from an upwardly revised 15,700 tonnes the previous month .

* Warehouse stock for Nickel at LME was at 233502mt that is down by -696mt.

* BUY NICKEL JUN 2020 @ 924.00 SL 915.00 TGT 935.00-942.00.MCX.

Aluminium

* Aluminium trading range for the day is 129.9-134.1.

* Aluminium gained on short covering after dropped amid rising US-China tensions and growing LME aluminium inventories.

* Inventory has surged, with 663,475 tonnes of metal placed on LME warrant since the middle of March.

* The U.S. aluminium market remains defined by the 10% import tariff introduced by the Trump Administration in May 2018.

* Warehouse stock for Aluminium at LME was at 1493075mt that is down by -700mt.

* BUY ALUMINIUM JUN 2020 @ 131.20 SL 130.00 TGT 132.50-133.40.MCX.


 

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