Buy Copper Apr 2021 @ 720.00 SL 716.00 TGT 726.00-730.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 719.5-729.9.
Copper prices dropped as pressure seen after Yangshan copper premium fell to $48 a tonne, its lowest since Nov. 18
ShFE copper inventories were last at 202,464 tonnes, an 11-month high.
Antofagasta copper output down 5.7% in Q1 as COVID infections surge
Warehouse stock for Copper at LME was at 158975mt that is down by -475mt.
BUY COPPER APR 2021 @ 720.00 SL 716.00 TGT 726.00-730.00.MCX
ZINC
Zinc trading range for the day is 224.2-232.
Zinc prices gained as treatment charges for zinc concentrate hovered at lows as tight concentrate supply has not yet been fully eased, supported prices.
The global zinc market was oversupplied by 65,400 tonnes in February and by a revised 18,300 tonnes in January
China kept the one-year loan prime rate (LPR) unchanged at 3.85% and five-year LPR at 4.65%.
Warehouse stock for Zinc at LME was at 293550mt that is down by -25mt.
BUY ZINC APR 2021 @ 227.00 SL 224.00 TGT 230.00-232.00.MCX
NICKEL
Nickel trading range for the day is 1183.6-1229.6.
Nickel prices dropped as Global nickel surplus widens in February to 6,200 tonnes.
PT Vale Indonesia's nickel in matte production in the first quarter of this year stood at 15,198 tonnes
Russian metals producer Nornickel said it had signed a long-term agreement to supply nickel and cobalt to chemicals company Johnson Matthey
Warehouse stock for Nickel at LME was at 264246mt that is down by -360mt.
BUY NICKEL APR 2021 @ 1230.00 SL 1218.00 TGT 1245.00-1252.00.MCX
ALUMINIUM
Aluminium trading range for the day is 189.1-191.9.
Aluminium prices dropped triggered by a resurgence of COVID-19 cases in India and Japan encouraged a retreat to the safe-haven appeal of the greenback.
China’s domestic aluminium supply was still affected by the carbon neutrality policy, while consumption and export of aluminium products in Q1 were positive.
China's aluminium output rose in March from a year earlier to a monthly record, official data showed
Warehouse stock for Aluminium at LME was at 1802450mt that is down by -6800mt.
BUY ALUMINIUM APR 2021 @ 187.60 SL 185.00 TGT 190.00-191.50.MCX
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