Buy Copper Jul 2021 @ 718.00 SL 714.00 TGT 724.00-727.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 696.5-728.7.
Copper prices dropped as high prices spurred the Chinese government to cool prices by releasing some of its metal stockpiles.
Profit growth at China’s industrial firms slowed again in May as surging raw material prices squeezed margins and weighed on factory activity
The market will focus on the PMI data from China, Europe and the United States, and the non-farm data from the United States in June this week.
Warehouse stock for Copper at LME was at 210350mt that is down by -575mt.
BUY COPPER JUL 2021 @ 718.00 SL 714.00 TGT 724.00-727.00.MCX
ZINC
Zinc trading range for the day is 231.4-241.
Zinc prices gained as Global zinc market swings to deficit of 26,900 T in April
S&P affirms China ratings, says China to maintain robust GDP growth
Market focus shifts to the release of China’s official factory activity data Wednesday and key U.S. payroll data on Friday.
Warehouse stock for Zinc at LME was at 254675mt that is down by -1000mt.
BUY ZINC JUL 2021 @ 231.00 SL 229.00 TGT 233.00-235.00.MCX
NICKEL
Nickel trading range for the day is 1338.8-1390.2
Nickel prices gained as global demand of nickel used in batteries is expected to rise 18% this year from 2020
Indonesia's government is discussing with a parliament committee a plan to limit construction of smelters producing nickel pig iron
Global nickel deficit narrows slightly in April
Warehouse stock for Nickel at LME was at 233814mt that is down by -372mt
SELL NICKEL JUL 2021 @ 1300.00 SL 1318.00 TGT 1280.00-1264.00.MCX
ALUMINIUM
Aluminium trading range for the day is 189.3-205.9.
Aluminium prices rose after Russia's temporary new export taxes on some metals spurred supply worries.
Aluminium inventories have been declining on exchanges, with ShFE inventories hitting their lowest since Feb. 10 at 288,741 tonnes
LME stockpiles are at their lowest since March 9 at 1.59 million tonnes
Warehouse stock for Aluminium at LME was at 1577175mt that is down by -8975mt.
BUY ALUMINIUM JUL 2021 @ 196.00 SL 194.00 TGT 198.60-200.00.MCX
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