Sell Zinc May 2021 @ 233.00 SL 235.00 TGT 231.00-229.40.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 759-777.2.
Copper gained as investors switched to cyclicals amid hopes of a strong economic recoveryv
Global copper smelting rebounded in April from the lowest levels in at least five years in the previous month as a price rally spurred more activity
China’s net imports of refined copper surged by 38% to 4.4 million tonnes last year, breaking all historical records.
Warehouse stock for Copper at LME was at 130750mt that is down by -2025mt.
SELL COPPER MAY 2021 @ 766.00 SL 772.00 TGT 760.00-756.00.MCX
ZINC
Zinc trading range for the day is 229.2-235.
Zinc prices remained supported after positive economic data including US April private sector employment and Chinese manufacturing PMI that stood at 51.1 in April.
However the resumption across domestic zinc mines and inflow of imported zinc concentrate further eased tight supply
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
Warehouse stock for Zinc at LME was at 291025mt that is down by -400mt
SELL ZINC MAY 2021 @ 233.00 SL 235.00 TGT 231.00-229.40.MCX
NICKEL
Nickel trading range for the day is 1303.4-1349.8.
NiCkel dropped on profit booking after seen supported as prospects for rebounding growth as the global vaccine rollout gathers pace
Indonesian state miner Aneka Tambang (Antam) said its nickel ore output rose more than four-fold in the first three months of 2021
US core PCE inflation hit its highest in 13 months and ISM manufacturing PMI continued to rise rapidly in April.
Warehouse stock for Nickel at LME was at 260508mt that is down by -720mt.
SELL NICKEL MAY 2021 @ 1335.00 SL 1350.00 TGT 1318.00-1306.00.MCX
ALUMINIUM
Aluminium trading range for the day is 195-202.4.
Aluminium prices rose as a fall out between China and Australia raised concerns of supply shortages from one of the world's biggest producers.
China's state economic planner said it has "indefinitely" suspended all activities under the China-Australia Strategic Economic Dialogue
Cash aluminium on the LME has flipped to a $5 premium suggesting there is less quickly deliverable metal available.
Warehouse stock for Aluminium at LME was at 1802175mt that is down by -8375mt.v
BUY ALUMINIUM MAY 2021 @ 196.00 SL 194.00 TGT 198.50-200.00.MCX
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