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Buy Copper May 2021 @ 762.00 SL 756.00 TGT 768.00-770.50.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 751.4-774.8.
Copper dropped on profit booking after prices gained earlier tracking LME prices rose past a key psychological level of $10,000 a tonne
The U.S. economy is growing at its fastest rate since the early 1980s
British manufacturing activity grew at the fastest pace in almost 27 years last month.
Warehouse stock for Copper at LME was at 132775mt that is down by -4625mt.
BUY COPPER MAY 2021 @ 762.00 SL 756.00 TGT 768.00-770.50.MCX
ZINC
Zinc trading range for the day is 227-239.8.
Zinc prices dropped as Global supply of refined zinc is expected to exceed demand by 353,000 tonnes in 2021, the ILZSG said
ILZSG forecasts global demand for refined zinc to rise by 4.3% to 13.78 million tonnes in 2021
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 291425mt that is down by -325mt.
BUY ZINC MAY 2021 @ 234.50 SL 232.50 TGT 236.50-238.00.MCX
NICKEL
Nickel trading range for the day is 1309.9-1356.7.
Nickel gains as U.S. economy is growing at its fastest rate since the early 1980s while British manufacturing activity grew at the fastest pace in almost 27 years last month.
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 261228mt that is down by -768mt.
BUY NICKEL MAY 2021 @ 1320.00 SL 1306.00 TGT 1334.00-1345.00.MCX
ALUMINIUM
Aluminium trading range for the day is 194.6-197.4.
Aluminium prices rose as China's commitment to curb carbon emissions sparked worries that supply of the energy-intensive metal will be limited.
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 1810550mt that is down by -17250mt.
BUY ALUMINIUM MAY 2021 @ 194.50 SL 192.80 TGT 196.20-197.50.MCX
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