Copper trading range for the day is 495.7-517.5.
Copper fell as seasonally weak demand from top consumer China and uncertainty over an additional U.S. stimulus package pressured prices
Prices were also pressured by bickering U.S.-China tensions ahead of a crucial weekend meeting between trade officials from both countries.
Chile's state-run miner Codelco, the world's largest copper producer, expects quick progress in ramping up processing capacity
Warehouse stock for Copper at LME was at 113875mt that is down by -700mt.
BUY COPPER AUG 2020 @ 512.00 SL 508.00 TGT 516.00-518.00.MCX
Zinc trading range for the day is 184.1-191.1.
Zinc prices dropped as US stimulus impasse and sluggish European industrial production numbers weighed on prices.
However, slightly-improved overseas demand and robust domestic demand depleted zinc stocks, and optimism over downstream consumption limited the downside.
China will step up policy support for foreign trade and foreign investment amid the worldwide spread of the novel coronavirus and a slump in the global economy
Warehouse stock for Zinc at LME was at 213825mt that is up by 1075mt.
SELL ZINC AUG 2020 @ 189.80 SL 191.80 TGT 187.60-186.50.MCX
Nickel trading range for the day is 1050.8-1091.2.
Nickel prices dropped as negotiations of coronavirus relief package were in a stalemate.
China’s nickel ore imports more than doubled in June compared to the previous month.
The nickel market was in surplus during January to May 2020 with production exceeding apparent demand by 33.3 kt.
Warehouse stock for Nickel at LME was at 237228mt that is up by 1362mt
SELL NICKEL AUG 2020 @ 1084.00 SL 1096.00 TGT 1072.00-1064.00.MCX
Aluminium trading range for the day is 141.9-147.5.
Aluminium dropped as investors bet on China and the United States sticking with their trade deal
Primary aluminium ingot inventories in China increased this week, showed data
The calculated market balance for primary aluminium for January to May 2020 was a surplus of 908 kt
Warehouse stock for Aluminium at LME was at 1600525mt that is down by -5875mt.
SELL ALUMINIUM AUG 2020 @ 146.40 SL 148.00 TGT 145.00-144.20.MCX
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