Buy Aluminium Jul 2021 @ 198.40 SL 196.80 TGT 200.00-201.20.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 717.4-738.4.
Copper prices rose as lower than expected growth from top consumer China stoked hopes for more support for the world’s second-largest economy.
China’s growth in the second quarter undershot expectations owing to slowing manufacturing activity, higher raw material costs and new COVID-19 outbreaks.
The discount of LME cash copper to the three-month contract expanded to $39.95 a tonne, its widest since August 2018.
Warehouse stock for Copper at LME was at 222625mt that is up by 825mt.
BUY COPPER JUL 2021 @ 720.00 SL 714.00 TGT 726.00-729.50.MCX
ZINC
Zinc trading range for the day is 238.4-244.2.
Zinc prices gained as support seen after China’s Q2 GDP increased 7.9% on the year.
However, the overall social inventory remained low, leading to relatively high spot premiums in Shanghai and Guangdong.
U.S. import prices increased solidly in June as bottlenecks in the global supply chain persisted.
Warehouse stock for Zinc at LME was at 248925mt that is down by -200mt.
BUY ZINC JUL 2021 @ 238.50 SL 236.80 TGT 241.00-242.50.MCX
NICKEL
Nickel trading range for the day is 1386.8-1425.2.
Nickel prices gained amid the expectation of production cuts and the tight supply of nickel.
NPI output in Indonesia stood at 77,000 mt in metal content in June, up 4.34% on the month and 65.7% on the year
Fed’s Powell said that the economy was “still a ways off” from levels the central bank wanted to see before tapering its monetary support.
Warehouse stock for Nickel at LME was at 223872mt that is down by -1440mt.
BUY NICKEL JUL 2021 @ 1390.00 SL 1378.00 TGT 1405.00-1414.00.MCX
ALUMINIUM
Aluminium trading range for the day is 197.3-200.7.
Aluminium prices pared gains as China June aluminium falls for 2nd month as power curbs weigh.
China's first half aluminium output hit the highest half-yearly production levels since at least 2015, according to Statistics Bureau records.
The power rationing policies in Yunnan and Henan had more impact on the supply side than on the demand.
BUY ALUMINIUM JUL 2021 @ 198.40 SL 196.80 TGT 200.00-201.20.MCX
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