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Buy Copper Jun 2021 @ 742.50 SL 740.00 TGT 746.00-750.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 694.2-755.6.
Copper prices dropped weighed down by investor fears over measures Chinese authorities could take to curb a recent price rally in commodities.
China's state planner last week renewed its pledge to step up monitoring of commodity prices, as domestic producer inflation hit its highest in more than 12 years.
China’s central bank injects 200 bln yuan through medium-term loans
Warehouse stock for Copper at LME was at 140625mt that is up by 2325mt.
BUY COPPER JUN 2021 @ 742.50 SL 740.00 TGT 746.00-750.00.MCX
ZINC
Zinc trading range for the day is 234.3-244.7.
Zinc slipped amid the underselling news and the off-peak season in the downstream industries.
China plans to release state reserves of zinc in a programme set to last until the end of 2021.
Clues to Chinese demand for base metals will come this week with industrial production data for May.
Warehouse stock for Zinc at LME was at 267425mt that is down by -225mt.
BUY ZINC JUN 2021 @ 235.00 SL 233.00 TGT 237.00-238.50.MCX
NICKEL
Nickel trading range for the day is 1260.5-1350.5.
Nickel dropped as fears that top consumer China would take action to curb any further rises in prices of industrial metals
China's refined nickel cathode output in May fell 4.5% from the prior month and slumped 10.8% year-on-year to 12,424 tonnes
Vale Sudbury nickel miners' union recommends rejection of new offer
Warehouse stock for Nickel at LME was at 240492mt that is up by 270mt.
BUY NICKEL JUN 2021 @ 1298.00 SL 1285.00 TGT 1314.00-1324.00.MCX
ALUMINIUM
Aluminium trading range for the day is 191.5-197.1.
Aluminium prices dropped as investors awaited the start of the US Federal Reserve's latest monetary policy meeting.
British PM Johnson announced that the next phase of England's lockdown reopening will be delayed by four weeks due to a surge of the Delta variant of Covid-19.
The prices are expected to be affected by the Fed interest rate meeting, the employment prospect, and the inflation expectations.
Warehouse stock for Aluminium at LME was at 1640200mt that is down by -12650mt.
BUY ALUMINIUM JUN 2021 @ 196.00 SL 194.00 TGT 198.60-200.00.MCX
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