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Published on 14/05/2021 11:53:13 AM | Source: Kedia Advisory

Buy Copper MAY 2021 @ 780.00 SL 770.00 TGT 800.00-810.00.MCX - Kedia Advisory

Posted in Commodities Reports| #Commodity Tips #Kedia Advisory

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COPPER

* Copper trading range for the day is 764.4-795.2.

* Copper prices fell as higher-than-expected inflation rate in the United States sparked fears of monetary tightening, potentially restricting liquidity into commodities.

* Workers' strike threats at BHP Group's Escondida and Spence copper mines loomed after contract negotiations stalled, putting further pressure on supply.

* Prices have also been supported by hope that copper demand will be boosted by the renewable energy and electric vehicle sectors

* Warehouse stock for Copper at LME was at 112150mt that is down by -3800mt.

BUY COPPER MAY 2021 @ 780.00 SL 770.00 TGT 800.00-810.00.MCX

ZINC

Zinc trading range for the day is 225.3-234.9.

Zinc prices dropped as Zinc and zinc alloy output from 51 Chinese smelters in April was at 438,000 tonnes, up 3.7% year-on-year

Global supply of refined zinc is expected to exceed demand by 353,000 tonnes in 2021, the International Lead and Zinc Study Group (ILZSG) said

ILZSG forecasts global demand for refined zinc to rise by 4.3% to 13.78 million tonnes in 2021 and global zinc mine production by 5.7% to 12.92 million tonnes.

Warehouse stock for Zinc at LME was at 287550mt that is down by -575mt.

BUY ZINC MAY 2021 @ 237.00 SL 235.00 TGT 239.50-241.00.MCX

NICKEL

 * Nickel trading range for the day is 1264.6-1300.

* Nickel prices dropped after the shocking rise in U.S. inflation sent bond yields surging on worries the Federal Reserve might have to move early on tightening.

* U.S. consumer prices increased by the most in nearly 12 years in April as booming demand amid a reopening economy pushed against supply constraints

* China central bank says to keep monetary policy flexible, targeted

* Warehouse stock for Nickel at LME was at 256134mt that is down by -318mt.

BUY NICKEL MAY 2021 @ 1330.00 SL 1315.00 TGT 1345.00-1356.00.MCX

ALUMINIUM

* Aluminium trading range for the day is 192.7-199.3.

* Aluminium prices dropped as the US dollar went higher as the CPI in April was significantly higher than the market expectation

* The resurgence of inflation in the market caused investors to worry about tightening monetary policy.

* Federal Reserve Chairman Powell promised to keep interest rates stable and at the same time allow inflation to rise for a period of time

*Warehouse stock for Aluminium at LME was at 1766025mt that is down by -6675mt.

BUY ALUMINIUM MAY 2021 @ 199.00 SL 197.00 TGT 201.50-203.00.MCX

 

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