Buy Aluminium Jul 2021 @ 196.00 SL 194.00 TGT 198.60-200.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 712.9-727.3.
Copper edged lower as slowing profit growth in industrial firms in China metals, rising inventories and low premiums sapped enthusiasm for the metal.
Profit growth at China’s industrial firms slowed again in May as surging raw material prices squeezed margins and weighed on factory activity.
On-warrant inventories of copper in LME-registered warehouses have jumped to their highest since May 2020
Warehouse stock for Copper at LME was at 210925mt that is down by -50mt.
BUY COPPER JUL 2021 @ 718.00 SL 714.00 TGT 724.00-727.00.MCX
ZINC
Zinc trading range for the day is 232.3-236.7.
Zinc prices gained as China’s zinc social inventories shrank 12,100 mt on week
The US core PCE price index increased by 3.4% year on year in May, the highest since April 1992.
Market focus shifts to the release of China’s official factory activity data Wednesday and key U.S. payroll data on Friday.
Warehouse stock for Zinc at LME was at 255675mt that is down by -1775mt
BUY ZINC JUL 2021 @ 231.00 SL 229.00 TGT 233.00-235.00.MCX
NICKEL
Nickel trading range for the day is 1342.1-1389.3.
Nickel prices dropped as Inventories of refined nickel in the Shanghai bonded areas increased 1,000 mt from a week ago
Nickel ore inventories across all Chinese ports increased 137,000 wmt from June 18 to 5.1 million wmt as of June 25
LME nickel inventories are at their lowest since March 2020
Warehouse stock for Nickel at LME was at 234186mt that is down by -390mt.
SELL NICKEL JUL 2021 @ 1300.00 SL 1318.00 TGT 1280.00-1264.00.MCX
ALUMINIUM
Aluminium trading range for the day is 191.8-196.4.
Aluminium prices dropped as investors monitored rising Covid-19 around the globe.
High prices spurred the Chinese government to cool prices by releasing some of its metal stockpiles.
Investors were keenly watching progress on a $1.2 trillion U.S. infrastructure deal which could benefit metals demand.
Warehouse stock for Aluminium at LME was at 1586150mt that is down by -10300mt.
BUY ALUMINIUM JUL 2021 @ 196.00 SL 194.00 TGT 198.60-200.00.MCX
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