Buy Aluminium May 2021 @ 189.50 SL 187.50 TGT 191.50-193.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 727.6-746.8.
Copper prices gained as the dollar hovered around a seven-week low as traders contemplate the next moves by major central banks ahead of a U.S. Federal Reserve meeting next week
The euro zone's recovery from its pandemic-induced economic downturn was much stronger than expected in April
China's refined copper output rose 18.2% year-on-year in March but the monthly total of 870,000 tonnes was the lowest since July
Warehouse stock for Copper at LME was at 155750mt that is down by -3225mt.
BUY COPPER MAY 2021 @ 724.00 SL 718.00 TGT 730.00-734.00.MCX
ZINC
Zinc trading range for the day is 223.1-234.3.
Zinc prices gained as support seen as downstream restocked at low prices, and zinc stocks fell 18,700 mt.
Stocks in Tianjin fell sharply as downstream restocking demand increased when the maintenance of smelters in Inner Mongolia affected arrivals.
U.S. manufacturing, new homes sales underscore booming economy
Warehouse stock for Zinc at LME was at 293550mt that is unchange mt.
BUY ZINC MAY 2021 @ 228.00 SL 226.00 TGT 230.00-231.50.MCX
NICKEL
Nickel trading range for the day is 1198.8-1264.
Nickel prices gained as supported after data showed inventories in warehouses monitored by the Shanghai Futures Exchange fell 10.4% from a week earlier
The euro zone's recovery from its pandemic-induced economic downturn was much stronger than expected in April as the service industry adapted to lockdowns
The global nickel market surplus expanded to 6,200 tonnes in February from a downwardly revised surplus of 3,500 tonnes in the previous month
Warehouse stock for Nickel at LME was at 264198mt that is down by -48mt.
BUY NICKEL MAY 2021 @ 1198.00 SL 1188.00 TGT 1214.00-1224.00.MCX
ALUMINIUM
Aluminium trading range for the day is 191.1-194.5.
Aluminium prices rose tracking Shanghai aluminium soars as China's production stalls
Primary aluminium ingot inventories in China fell, showed data.
Chinese production has indeed responded to the higher prices, national output rising by 6.4% in the first quarter, according to the IAI.
Warehouse stock for Aluminium at LME was at 1796925mt that is down by -5525mt.
BUY ALUMINIUM MAY 2021 @ 189.50 SL 187.50 TGT 191.50-193.00.MCX
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