Buy Copper Aug 2021 @ 750.00 SL 746.00 TGT 755.00-756.80.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 730.1-763.5.
Copper prices dropped as China’s factory activity expanded in July at the slowest pace in 17 months.
The union of workers at BHP Group Ltd’s Escondida copper mine, the world’s largest, rejected the firm’s final labour contract offer.
U.S. manufacturing sector growth slowing – ISM.
Warehouse stock for Copper at LME was at 238650mt that is down by -1000mt.
BUY COPPER AUG 2021 @ 750.00 SL 746.00 TGT 755.00-756.80.MCX
ZINC
Zinc trading range for the day is 246.3-250.7.
Zinc settled flat on profit booking afte prices seen supported amid hopes for more stimulus in China after weak factory data.
LME cash zinc has moved to a premium of $1.50 over the three month contract, indicating tighter supply conditions.
Data showed that social inventories of zinc ingots across seven major markets increased 5400 mt.
Warehouse stock for Zinc at LME was at 245025mt that is down by -100mt.
BUY ZINC AUG 2021 @ 247.40 SL 245.50 TGT 249.40-250.60.MCX
NICKEL
Nickel trading range for the day is 1462-1506.
Nickel prices dropped as China, July manufacturing PMI decreased from 50.9 in June to 50.4, lower than expectation.
U.S. manufacturing continued to grow in July, though the pace slowed for the second straight month.
The UK manufacturing sector growth slowed in July as supply gridlock resulted in a moderate deceleration in the rates of expansion of production
Warehouse stock for Nickel at LME was at 213120mt that is down by -1512mt.
BUY NICKEL AUG 2021 @ 1478.00 SL 1466.00 TGT 1490.00-1498.00.MCX
ALUMINIUM
Aluminium trading range for the day is 206.6-209.8.
Aluminium gains as the production restriction in south-east China and the Inner Mongolia became stricter, and demand was not weaker than expected.
While transportation in Henan will still be disrupted in the short term, offering support to aluminium prices.
President of Federal Reserve Bank of Minneapolis warned that the Delta mutant might hinder the recovery of US labour market.
Warehouse stock for Aluminium at LME was at 1378575mt that is down by -9225mt.
BUY ALUMINIUM AUG 2021 @ 206.00 SL 204.40 TGT 207.80-209.00.MCX
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