Buy Copper JUN 2021 @ 766.00 SL 762.00 TGT 770.00-775.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 759.3-778.5.
Copper prices rose as traders expect supply threat in Chile and massive U.S. spending plans on infrastructure to fuel shortages.
Strike at BHP's Chile copper mine continues, union opposes substitute workers
Chile's copper output dipped 1.5%, to 467,594 tonnes.
Warehouse stock for Copper at LME was at 122425mt that is down by -1325mt.
BUY COPPER JUN 2021 @ 766.00 SL 762.00 TGT 770.00-775.00.MCX
ZINC
Zinc trading range for the day is 235.1-240.3.
Zinc pared gains after the China’s factory activity slowed slightly in May.
However downside seen limited amid the strong Eurozone CCI and Chicago PMI in May.
Zinc smelting in Yunnan is suppressed by the power rationing policy, and the social inventories kept falling, which boosted the bulls’ confidence.
Warehouse stock for Zinc at LME was at 284250mt that is down by -2175mt.
BUY ZINC JUN 2021 @ 237.00 SL 235.00 TGT 240.00-241.80.MCX
NICKEL
Nickel trading range for the day is 1301.3-1361.9.
Nickel prices gained as support continues after White House released a $6 trillion budget proposal for infrastructure construction.
Support also seen amid the rigid production demand by stainless steel and new energy industries.
Despite the imported inflation, the domestic commodity prices should gradually stabilise under government’s resolute curb.
Warehouse stock for Nickel at LME was at 247494mt that is down by -288mt.
BUY NICKEL JUN 2021 @ 1315.00 SL 1300.00 TGT 1332.00-1345.00.MCX
ALUMINIUM
Aluminium trading range for the day is 194-199.2.
Aluminium gains as supply declined due to the restrictions on energy and power consumption, while downstream consumption rebounded.
The aluminium consumption in Guangdong is expected to weaken this week amid the power rationing and COVID-19 pandemic
Social inventories of primary aluminium across eight consumption areas in China, including SHFE warrants, declined 58,000 mt
Warehouse stock for Aluminium at LME was at 1718300mt that is down by -5775mt.
BUY ALUMINIUM JUN 2021 @ 196.00 SL 194.00 TGT 198.60-200.00.MCX
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