Buy Copper JUN 2021 @ 778.00 SL 772.00 TGT 786.50-792.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 734-763.6.
Copper prices dropped amid worries about top consumer China’s crackdown on prices of industrial materials subdued sentiment.
However downside seen limited due to expectations of robust demand and tight supplies and a weaker dollar
Chile's Codelco says 40% of its copper output at risk if glacier bill passes -media
Warehouse stock for Copper at LME was at 125925mt that is up by 100mt.
BUY COPPER JUN 2021 @ 778.00 SL 772.00 TGT 786.50-792.00.MCX
ZINC
Zinc trading range for the day is 228.4-237.
Zinc prices gained as China zinc treatment charges jump to 5 – month high as smelters face cuts
Spot TCs, paid by miners to smelters to process imported concentrate into refined zinc in top consumer China, were last assessed at $95 a tonne
The global zinc market surplus narrowed in March to 2,100 tonnes from a revised surplus of 56,900 tonnes the previous month
Warehouse stock for Zinc at LME was at 287725mt that is down by -700mt.''
BUY ZINC JUN 2021 @ 237.00 SL 235.00 TGT 240.00-242.00.MCX
NICKEL
Nickel trading range for the day is 1237.8-1266.6.
Nickel dropped as pressure continues after the Chinese government has expressed the concern that a fast increase in prices could undermine economic recovery.
Much of the drop came after China raised margins for futures trading and transaction fees and introduced punishment for futures violations
The global nickel market deficit widened to 16,100 tonnes in March from a small deficit of 600 tonnes in the previous month
Warehouse stock for Nickel at LME was at 249372mt that is down by -306mt.
BUY NICKEL JUN 2021 @ 1312.00 SL 1298.00 TGT 1332.00-1342.00.MCX
ALUMINIUM
Aluminium trading range for the day is 185.6-191.4.
Aluminium dropped as pressure seen after Sales of new U.S. single-family homes dropped in April as prices surged amid a tight supply of houses
The Chicago Fed National Activity Index for April fell short of expectations, which eased market concerns about inflation
Global aluminium output falls to 5.56 mln T in Apr – IAI
Warehouse stock for Aluminium at LME was at 1733775mt that is down by -8050mt.
BUY ALUMINIUM JUN 2021 @ 193.00 SL 191.00 TGT 196.00-198.00.MCX
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