Buy Aluminium Jun 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 709.9-774.7.
Copper prices dropped as weak demand in top consumer China outweighed a supply threat in the Americas.
China's appetite for overseas metal is fading, with Yangshan copper import premiums falling to $28.50 a tonne
Botswana's new copper mine Khoemacau aims to start production at the end of this month with first sales expected in the third quarter of the year
Warehouse stock for Copper at LME was at 125450mt that is up by 2100mt.
BUY COPPER JUN 2021 @ 766.00 SL 762.00 TGT 770.00-775.00.MCX
ZINC
Zinc trading range for the day is 230.5-244.5.
Zinc prices dropped after strong U.S. jobs data fuels concerns that monetary policy could tighten.
U.S. private payrolls increased by 978,000 jobs in May, the ADP National Employment Report showed, the biggest increase since June 2020.
At the same time, U.S. initial jobless claims dropped below 400,000 last week for the first time since the COVID-19 pandemic started more than a year ago.
Warehouse stock for Zinc at LME was at 277125mt that is up by 1100mt.
BUY ZINC JUN 2021 @ 237.00 SL 235.00 TGT 240.00-241.80.MCX
NICKEL
Nickel trading range for the day is 1269.3-1376.1.
Nickel prices dropped as China's service sector growth moderated in May as activity and new order growth softened since April.
Pressure also seen after rise in dollar as U.S. President Joe Biden offered to scrap his proposed corporate tax hike
The Caixin services Purchasing Managers' Index dropped to 55.1 in May from a fourmonth high of 56.3 in April.
Warehouse stock for Nickel at LME was at 243162mt that is down by -468mt.
BUY NICKEL JUN 2021 @ 1315.00 SL 1300.00 TGT 1332.00-1345.00.MCX
ALUMINIUM
Aluminium trading range for the day is 185.3-195.7.
Aluminium prices dropped after output of primary aluminium in China will increase until 2024
U.S. worker productivity rebounded solidly in the first quarter, also noting that labor costs grew instead of contracting as previously reported.
Aluminium stocks at three major Japanese ports rose 1.3% to 273,600 tonnes at the end of April, from 270,200 tonnes at the end of March
Warehouse stock for Aluminium at LME was at 1674475mt that is down by -9200mt.
BUY ALUMINIUM JUN 2021 @ 196.00 SL 194.00 TGT 198.60-200.00.MCX
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