Buy Aluminium May 2021 @ 193.50 SL 192.00 TGT 195.50-196.80.MCX - Kedia Advisory
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
https://t.me/InvestmentGuruIndiacom
Download Telegram App before Joining the Channel
COPPER
Copper trading range for the day is 751.1-773.7.
Copper prices gained on Chile supply concerns, sliding inventories, a weaker US dollar and expected strong demand from top consumer China triggered fresh buying.
Chilean government and unions over changes to pension laws threatened to trigger strikes, threatening to inhibit already tight supplies
Aggregate open interest in copper is at the highest in more than a year on the Shanghai Futures Exchange
Warehouse stock for Copper at LME was at 154600mt that is down by -500mt.
BUY COPPER MAY 2021 @ 752.00 SL 749.00 TGT 758.00-764.00.MCX
ZINC
Zinc trading range for the day is 228.5-239.7.
Zinc dropped on profit booking as the safety of vaccines in Europe and US still aroused worries after prices gained amid improving demand prospects
ShFE zinc prices soared 3.2% to 22,430 yuan a tonne, its highest since March 23.
Maintenance at smelters will increase in May and output is expected to increase only 8,000 mt on the month, which is far less than expected.
Warehouse stock for Zinc at LME was at 291950mt that is down by -1325mt.
BUY ZINC MAY 2021 @ 234.00 SL 232.00 TGT 236.00-237.60.MCX
NICKEL
Nickel trading range for the day is 1252.9-1293.5.
Nickel prices rallied as support seen after data showed that PMI manufacturing and service industries in the US in April reached the highest level since 2009.
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 263208mt that is down by -348mt.
BUY NICKEL MAY 2021 @ 1252.00 SL 1238.00 TGT 1266.00-1275.00.MCX
ALUMINIUM
Aluminium trading range for the day is 191.8-196.8.
Aluminium dropped on profit booking after prices gained as inventories of aluminium ingots stood at 1.14 million mt in China, down 1,000 mt
Shanghai aluminium prices as the Chinese market gears up for a seasonal demand peak.
Primary aluminium ingot inventories in China fell, showed data.
Warehouse stock for Aluminium at LME was at 1787525mt that is down by -5575mt.
BUY ALUMINIUM MAY 2021 @ 193.50 SL 192.00 TGT 195.50-196.80.MCX
To Read Complete Report & Disclaimer Click Here
Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer
