Buy Copper Aug 2021 @ 750.00 SL 744.00 TGT 756.00-758.50.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 747.5-764.9.
Copper prices rose after signals from the U.S. Federal Reserve that it was in no rush to tighten.
Also lifting copper were the threat of a strike at a major mine in Chile and progress of a $1 trillion infrastructure investment bill in the U.S. Senate.
Union at BHP's Escondida copper mine urges members to strike.
Warehouse stock for Copper at LME was at 235175mt that is up by 4950mt.
BUY COPPER AUG 2021 @ 750.00 SL 744.00 TGT 756.00-758.50.MCX
ZINC
Zinc trading range for the day is 242.9-249.9.
Zinc prices gained as the dollar slipped Fed’s reassurance that interest rate hikes remain distant helped put the brakes on the U.S. currency.
The Fed’s rhetoric was still dovish, but was “more hawkish” than expected.
The arrival of released reserves will take about two weeks, thus attention shall be paid to social restocking.
Warehouse stock for Zinc at LME was at 246775mt that is down by -175mt.
BUY ZINC AUG 2021 @ 244.20 SL 242.80 TGT 245.80-247.50.MCX
NICKEL
Nickel trading range for the day is 1469.4-1530.6.
Nickel prices rose buoyed by strong demand from stainless steel mills and electric vehicle battery makers, amid tight supply.
Booming stainless steel output to sustain nickel prices for months.
Vale, one of the world’s largest producers, said nickel output declined in the second quarter of the year.
Warehouse stock for Nickel at LME was at 215412mt that is down by -408mt.
BUY NICKEL AUG 2021 @ 1480.00 SL 1464.00 TGT 1496.00-1508.00.MCX
ALUMINIUM
Aluminium trading range for the day is 199.8-209.8.
Aluminium prices rose supported by tight global supply and continued robust demand from the automotive, packaging, and construction sectors.
The U.S. economy contracted at a record average annualized rate of 19.2% from its peak in the fourth quarter of 2019
German inflation hits 13-yr high, union demands "strong wage increases"
Warehouse stock for Aluminium at LME was at 1395225mt that is down by -6275mt.
BUY ALUMINIUM AUG 2021 @ 201.50 SL 199.80 TGT 203.40-204.60.MCX
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