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Buy Copper Aug 2021 @ 700.00 SL 693.50 TGT 708.00-712.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 695.7-718.5.
Copper rose as hopes of an improvement in demand rose after China, reported no new locally transmitted COVID-19 cases for the first time since July.
Copper market in 2,000 tonnes surplus in May 2021 – ICSG
China left its benchmark lending rate for corporate and household loans unchanged for a 16th straight month at its August fixing
Warehouse stock for Copper at LME was at 254800mt that is down by -150mt.
BUY COPPER AUG 2021 @ 700.00 SL 693.50 TGT 708.00-712.00.MCX
ZINC
Zinc trading range for the day is 244.9-249.5.
Zinc gains as investors returned to riskier assets after a sharp selloff last week that was fanned by worries about slowing economic growth.
Global zinc market undersupplied by 20,200 tonnes in June, ILZSG says
Investors feared that the economic recovery will be disrupted by the raging delta variant, lowing their expectations for an early tightening of liquidity by the Fed.
Warehouse stock for Zinc at LME was at 239100mt that is up by 6500mt.
BUY ZINC AUG 2021 @ 246.00 SL 244.00 TGT 248.20-250.00.MCX
NICKEL
Nickel trading range for the day is 1415-1453.
Nickel prices gained amid support from fundamentals and demand from stainless steel and new energy sector.
Chinese nickel producer Jien halts cathode output
The global nickel market deficit narrowed to 20,100 tonnes in June compared a shortfall of 23,600 tonnes in May
Warehouse stock for Nickel at LME was at 197298mt that is down by -816mt.
BUY NICKEL AUG 2021 @ 1405.00 SL 1388.00 TGT 1426.00-1440.00.MCX
ALUMINIUM
Aluminium trading range for the day is 205.6-209.2.
Aluminium gains as output is expected to shrink further in Q3 in view of short supply of power and intensified control over energy consumption and pollution.
One global aluminium producer seeks Q4 premiums of $230/T
Global primary aluminium output rose to 5.747 million tonnes in July from an upwardly revised 5.558 million tonnes in June
Warehouse stock for Aluminium at LME was at 1300250mt that is down by -4700mt
BUY ALUMINIUM AUG 2021 @ 206.00 SL 204.00 TGT 208.00-209.50.MCX
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