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Buy Copper May 2021 @ 780.00 SL 770.00 TGT 800.00-810.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 783.6-806.4.
Copper prices remained supported as Strike threat looms at BHP's Escondida and Spence copper mines in Chile
Shortages, low stocks risk copper spiking to new records
Yangshan copper premium fell to $38.50 a tonne, the lowest since February 2016, indicating subdued Chinese appetite for imported metal.
Warehouse stock for Copper at LME was at 118875mt that is down by -4325mt.
BUY COPPER MAY 2021 @ 780.00 SL 770.00 TGT 800.00-810.00.MCX
ZINC
Zinc trading range for the day is 233.5-239.3.
Zinc prices remained supported as China's factory gate prices rose at the fastest rate in three and a half years during April
China's refined zinc output stood at 499,300 mt in April, up 0.49% or 2,500 mt on the month and up 4.11% on the year.
Nonfarm payrolls increased by only 266,000 jobs last month after rising by 770,000 in March, the Labor Department said
Warehouse stock for Zinc at LME was at 288700mt that is down by -1800mt.
BUY ZINC MAY 2021 @ 237.00 SL 235.00 TGT 239.50-241.00.MCX
NICKEL
Nickel trading range for the day is 1304.7-1343.7.
Nickel prices rose as the global vaccine roll-out gathers pace boosting expectations for stronger economic recovery
Meantime, the commodity growing usage in lithium-ion batteries and the accelerated rollout of electric vehicles remains a positive backdrop for markets.
Indonesia's Antam Q1 nickel ore output up more than four – fold y/y
Warehouse stock for Nickel at LME was at 258270mt that is down by -774mt.
BUY NICKEL MAY 2021 @ 1330.00 SL 1315.00 TGT 1345.00-1356.00.MCX
ALUMINIUM
Aluminium trading range for the day is 197-207.
Aluminium prices seen supported by shrinking primary aluminium social inventories.
China central bank says to keep monetary policy flexible, targeted
Eurozone investor confidence improved to the highest level in more than three years in May
Warehouse stock for Aluminium at LME was at 1780900mt that is down by -8825mt.
BUY ALUMINIUM MAY 2021 @ 199.00 SL 197.00 TGT 201.50-203.00.MCX
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