Buy Copper Sep 2021 @ 706.00 SL 700.00 TGT 712.50-715.50.MCX - Kedia Advisory
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Copper
Copper trading range for the day is 701.9-727.5.
Copper prices rose as the premium of LME cash copper to the three-month contract was $27.95 a tonne, indicating tightening nearby supplies.
US FDA’s full approval of Pfizer and BioNTech’s Covid-19 vaccine has eased the market’s worries over economy recovery
The global world refined copper market showed a 2,000 tonnes surplus in May, compared with a 86,000 tonnes deficit in April
Warehouse stock for Copper at LME was at 254775mt that is down by -25mt.
BUY COPPER SEP 2021 @ 706.00 SL 700.00 TGT 712.50-715.50.MCX
Zinc
Zinc trading range for the day is 241.9-250.3.
Zinc gained as the market’s worries over economy recovery eased after US FDA’s full approval of Pfizer and BioNTech’s Covid-19 vaccine.
In spot market, inventories in two major markets in China added with processing charges rebounding slightly from low.
China's new home price growth slows as speculative curbs bite
Warehouse stock for Zinc at LME was at 239300mt that is up by 200mt.
BUY ZINC SEP 2021 @ 246.00 SL 244.00 TGT 248.20-250.00.MCX
Nickel
Nickel trading range for the day is 1408.2-1458.
Nickel prices rose after a smelter in north China has suspended refined nickel production recently due to high production costs
Chinese nickel producer Jien halts cathode output
China cbank offers more medium-term loan than expected to cushion economic slowdown
Warehouse stock for Nickel at LME was at 195558mt that is down by -1740mt.
BUY NICKEL SEP 2021 @ 1432.00 SL 1418.00 TGT 1448.00-1460.00
Aluminium
Aluminium trading range for the day is 204.7-209.7.
Aluminium prices remained supported as prices for alumina rose after a blaze at the Jamalco refinery in Jamaica led to fears of tighter supply
Prices have been climbing amid strong demand for aluminium and disruption in China due to flooding.
One global aluminium producer seeks Q4 premiums of $230/T
Warehouse stock for Aluminium at LME was at 1295125mt that is down by -5125mt.
BUY ALUMINIUM SEP 2021 @ 207.20 SL 205.80 TGT 208.60-209.50.MCX
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