Buy Copeer MAY 2021 @ 780.00 SL 774.00 TGT 788.00-794.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 773.5-798.1.
Copper prices settled flat rising Chinese premium showed signs of improved demand from the world's top consumer
Yangshan copper premium rebounded $1.50 to $38.50 a tonne, climbing for the first time since February and signalling improved demand for imported metal into China.
Global copper market to see 79,000 tonne surplus in 2021, says ICSG
Warehouse stock for Copper at LME was at 119025mt that is down by -850mt.
BUY COPPER MAY 2021 @ 780.00 SL 774.00 TGT 788.00-794.00.MCX
ZINC
Zinc trading range for the day is 234.5-245.3.
Zinc prices gained as zinc concentrate supply tightened in Yunnan amid the lack of imported zinc concentrate.
Some smelters in this region reduced output due to power restrictions in Yunnan, alleviating the tight supply situation.
LME zinc was up 2.4% at $3,085 a tonne after surging to $3,108.50, its highest since June 2018.
Warehouse stock for Zinc at LME was at 286375mt that is down by -575mt.
BUY ZINC MAY 2021 @ 237.00 SL 235.00 TGT 240.00-242.00.MCX
NICKEL
Nickel trading range for the day is 1305.4-1345.6.
Nickel pared gains after China’s state planner said it would take measures to stabilise steel and iron ore markets after prices shot up.
However, the dollar was under pressure due to expectations that U.S. interest rates will remain low for an extended period
Dallas Federal Reserve President Robert Kaplan reiterated that he does not expect U.S. interest rates to rise until next year.
Warehouse stock for Nickel at LME was at 253368mt that is down by -1614mt.
BUY NICKEL MAY 2021 @ 1312.00 SL 1298.00 TGT 1332.00-1342.00.MCX
ALUMINIUM
Aluminium trading range for the day is 191.1-201.1.
Aluminium prices dropped on profit booking after China April aluminium imports rise 36% from prior month
China's aluminium production in April rose 12.4% from March to a record monthly volume, official data showed
The United States and the European Union agreed not to escalate their dispute over U.S. steel and aluminium tariffs, averting steep EU tariff hikes.
Warehouse stock for Aluminium at LME was at 1765525mt that is down by -2850mt.
BUY ALUMINIUM MAY 2021 @ 193.00 SL 191.00 TGT 196.00-198.00.MCX
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