Buy Copper Jul 2021 @ 732.00 SL 726.00 TGT 740.00-744.50.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 721.4-744.4.
Copper rose as investors appeared to shrug off worries over rising coronavirus cases worldwide and China decided to release less reserve metals than expected.
Copper market in 75,000 tonnes deficit in Apr 2021 – ICSG.
World refined copper output in April was 2.07 million tonnes, while consumption was 2.14 million tonnes.
Warehouse stock for Copper at LME was at 224250mt that is down by -150mt.
BUY COPPER JUL 2021 @ 732.00 SL 726.00 TGT 740.00-744.50.MCX
ZINC
Zinc trading range for the day is 240.7-244.5.
Zinc gained as the global zinc market was undersupplied by 17,900 tonnes in May following a revised deficit of 13,800 tonnes in April.
During the first five months of 2021, the ILZSG data showed the market saw a surplus of 40,000 tonnes, down from a surplus of 335,000 tonnes in 2020.
China's fiscal revenue growth likely to slow sharply in H2 - ministry official.
Warehouse stock for Zinc at LME was at 247475mt that is down by -150mt.
BUY ZINC JUL 2021 @ 242.00 SL 240.50 TGT 244.00-245.60.MCX
NICKEL
Nickel trading range for the day is 1379.7-1439.7.
Nickel gained as the global nickel market deficit widened to 21,300 tonnes in May compared a shortfall of 20,400 tonnes in April.
During the first five months of the year, the nickel market saw a deficit of 61,200 tonnes compared with a surplus of 61,000 tonnes in 2021.
U.S. home sales rebounded in June after four straight monthly declines, but the pace was moderate.
Warehouse stock for Nickel at LME was at 219516mt that is down by -558mt.
BUY NICKEL JUL 2021 @ 1408.00 SL 1396.00 TGT 1424.00-1438.00.MCX
ALUMINIUM
Aluminium trading range for the day is 193.5-198.7.
Aluminium prices gained as the inventories of aluminium ingots was still going down.
The social inventories of aluminium ingots declined 23,000 mt to 809,000 mt.
National Food and Strategic Reserves Administration announced to release 90,000 mt of aluminium reserves in the second batch.
Warehouse stock for Aluminium at LME was at 1430200mt that is down by -3925mt.
BUY ALUMINIUM JUL 2021 @ 195.20 SL 193.50 TGT 197.50-199.00.MCX
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