Buy Aluminium Aug 2021 @ 193.50 SL 192.00 TGT 195.40-197.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 744.7-771.9.
Copper dropped on persistent worries about the impact of tighter government regulation.
BHP delivers final offer to workers at Chile's Escondida copper mine.
China's industrial profit growth slows in June on high raw material prices.
Warehouse stock for Copper at LME was at 225225mt that is unchange mt.
BUY COPPER AUG 2021 @ 718.00 SL 712.00 TGT 726.50-730.00.MCX
ZINC
Zinc trading range for the day is 241.9-248.3.
Zinc dropped as the market sentiment was suppressed due to the unexpected drop in US sales of new houses to the new low since April 2020.
IMF maintained its 6% global growth forecast for 2021, upgrading its outlook for the United States and other wealthy economies.
U.S. single-family home prices in 20 key urban markets rose in May from a year earlier at the fastest pace in nearly 17 years.
Warehouse stock for Zinc at LME was at 247000mt that is down by -200mt.
BUY ZINC AUG 2021 @ 241.40 SL 239.50 TGT 243.60-245.00.MCX
NICKEL
Nickel trading range for the day is 1442-1489.2.
Nickel prices dropped on profit booking after prices rallied in recent sessions buoyed by strong demand and tight supply.
Supplies are under pressure this year due to disruptions at nickel mines in New Caledonia, Russia and Canada.
U.S. core capital goods orders and shipments rise solidly in June.
Warehouse stock for Nickel at LME was at 217878mt that is down by -1302mt.
BUY NICKEL AUG 2021 @ 1372.00 SL 1356.00 TGT 1388.00-1398.00.MCX
ALUMINIUM
Aluminium trading range for the day is 197.9-201.7.
Aluminium dropped as pressure seen after China's yuan weakens to over 3 month lows as sentiment soured after a sharp selloff in the equity markets.
Global aluminium output falls to 5.549 mln T in June – IAI.
Attention needs to be paid to the progress of power curtailment and the floods in Henan.
Warehouse stock for Aluminium at LME was at 1408000mt that is down by -8775mt.
BUY ALUMINIUM AUG 2021 @ 193.50 SL 192.00 TGT 195.40-197.00.MCX
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