Buy Copper May 2021 @ 762.00 SL 756.00 TGT 770.00-774.00.MCX
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COPPER
Copper trading range for the day is 747.7-772.9.
Copper dropped on profit booking as threat of strikes at copper mines in Chile receded after the country allowed another drawdown in pensions, pleasing workers
Chinese officials have warned that they will cap high commodity prices to dampen inflation.
Ample supplies next year and in 2023 will keep the market balanced, but miners need to start investing in new capacity now to meet a pick up in demand growth.
Warehouse stock for Copper at LME was at 147325mt that is down by -1650mt.
BUY COPPER MAY 2021 @ 762.00 SL 756.00 TGT 770.00-774.00.MCX
ZINC
Zinc trading range for the day is 225.5-240.3.
Zinc prices dropped as speculators locked in profits amid worries about industrial demand.
Recent economic readings from the United States and China reinforced this view, while President Biden’s multitrillion-dollar infrastructure plan lent further optimism to the bulls.
ShFE zinc prices soared 3.2% to 22,430 yuan a tonne, its highest since March 23. Zinc concentrate imports in March exceeded expectations
Warehouse stock for Zinc at LME was at 291950mt that is unchange mt.
BUY ZINC MAY 2021 @ 234.00 SL 232.00 TGT 236.50-238.00.MCX
NICKEL
Nickel trading range for the day is 1266.9-1327.7.
Nickel dropped tracking weakness in LME prices on profit booking after prices rallied as Global nickel demand to increase to 2.67 mln tonnes in 2021
Global output of nickel is expected to rise to 2.72 million tonnes from 2.49 million tonnes
The U.S. economy has had a steady run of good news in recent months, with job gains accelerating as businesses reopen
Warehouse stock for Nickel at LME was at 262212mt that is down by -246mt.
BUY NICKEL MAY 2021 @ 1298.00 SL 1285.00 TGT 1316.00-1328.00.MCX
ALUMINIUM
Aluminium trading range for the day is 190.8-198.
Aluminium dropped on profit booking after Chinese officials have warned that they will cap high commodity prices to dampen inflation.
Social inventories of primary aluminium across eight consumption areas in China, including SHFE warrants, declined 25,000 mt
Shipments of aluminium billet out of warehouses rose slightly by 1,500 mt on the week to 61,200 mt
Warehouse stock for Aluminium at LME was at 1838950mt that is up by 56350mt.
BUY ALUMINIUM MAY 2021 @ 194.00 SL 192.00 TGT 196.00-197.50.MCX
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