Buy Copper May 2021 @ 760.00 SL 756.00 TGT 764.00-768.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 747.8-773.2.
Copper prices gained amid strong U.S. economic data and Fed’s commitment to continue supporting the economy fuelled investors' appetite for risk.
Global copper market to see 79,000 tonne surplus in 2021, says ICSG
Copper's rally, driven by a combination of optimism about recovery prospects for the pandemic-hit global economy and supply concerns
Warehouse stock for Copper at LME was at 143725mt that is down by -3600mt.
BUY COPPER MAY 2021 @ 760.00 SL 756.00 TGT 764.00-768.00.MCX
ZINC
Zinc trading range for the day is 230.9-236.5.
Zinc prices gained as support seen after euro zone factory activity growth surged to a record high in April
Global supply of refined zinc is expected to exceed demand by 353,000 tonnes in 2021, the ILZSG said
Chinese zinc smelters, produced 426,000 tonnes of zinc in March, up 7% year-on-year but down 9.8% month-on-month on a daily basis
Warehouse stock for Zinc at LME was at 291925mt that is down by -25mt.
SELL ZINC MAY 2021 @ 233.50 SL 235.50 TGT 231.50-230.00.MCX
NICKEL
Nickel trading range for the day is 1300.3-1337.7.
Nickel prices gained as prospects for rebounding growth as the global vaccine rollout gathers pace underpinned a rally in the metals market.
Global nickel demand to increase to 2.67 mln tonnes in 2021 – INSG
Indonesia's Antam Q1 nickel ore output up more than four – fold y/y
Warehouse stock for Nickel at LME was at 262044mt that is down by -168mt.
SELL NICKEL MAY 2021 @ 1324.00 SL 1338.00 TGT 1308.00-1296.00.MCX
ALUMINIUM
Aluminium trading range for the day is 192.1-196.5.
Aluminium gains on strong demand and growing expectations that China’s supply will be limited due to carbon emission targets.
The Chinese city of Baotou in Inner Mongolia shut down 34 ferroalloy companies and some captive power plants
Chinese officials have warned that they will cap high commodity prices to dampen inflation.
Warehouse stock for Aluminium at LME was at 1835150mt that is down by -3800mt.
SELL ALUMINIUM MAY 2021 @ 194.50 SL 196.50 TGT 192.50-191.00.MCX
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