Buy Copper Aug 2021 @ 718.00 SL 712.00 TGT 726.50-730.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 738.3-767.5.
Copper prices dropped as China July factory activity seen growing at a slightly slower pace.
China will base the pace and intensity of monetary policy on the domestic economy and inflation trends in the second half of the year, PBOC said.
Copper inventories in domestic mainstream areas decreased on weakened de-stocking.
Warehouse stock for Copper at LME was at 239650mt that is up by 4475mt.
BUY COPPER AUG 2021 @ 718.00 SL 712.00 TGT 726.50-730.00.MCX
ZINC
Zinc trading range for the day is 244.3-251.7.
Zinc prices gained as the initial yoy and mom growth rate of GDP in Q2 in Eurozone was higher than expected.
In China, the bidding prices of the second release of national reserves were in line with market expectation.
US GDP increased at an annual rate of 6.5% in Q2, lower than expected.
Warehouse stock for Zinc at LME was at 245125mt that is down by -1650mt.
BUY ZINC AUG 2021 @ 241.40 SL 239.50 TGT 243.60-245.00.MCX
NICKEL
Nickel trading range for the day is 1455-1523.
Nickel prices dropped as nickel ore inventories across all Chinese ports increased 167,000 wmt to 5.830 million wmt.
Data also showed that nickel ore stocks across seven major Chinese ports increased 277,000 wmt during the same period to 3.772 million wmt.
SHEF to LME nickel ratio rallied from low, and once hit 7.55 within the week.
Warehouse stock for Nickel at LME was at 214632mt that is down by -780mt.
BUY NICKEL AUG 2021 @ 1372.00 SL 1356.00 TGT 1388.00-1398.00.MCX
ALUMINIUM
Aluminium trading range for the day is 204.1-210.1.
Aluminium prices rose as power consumption limits imposed in a major Chinese production province sparked supply concerns.
Yunnan Shenhuo to miss 2021 aluminium output targets on power curbs.
U.S. labor costs increase solidly in second quarter.
Warehouse stock for Aluminium at LME was at 1387800mt that is down by -7425mt.
BUY ALUMINIUM AUG 2021 @ 193.50 SL 192.00 TGT 195.40-197.00.MCX
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