Buy Nickel Apr 2021 @ 1260.00 SL 1248.00 TGT 1275.00-1284.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 684.3-698.1.
Copper dropped as strong Chinese inflation data raised fears that the world's biggest metals consumer will tighten monetary policy
CME raises comex copper futures (Hg) maintenance margins by 10.9% to $6,100 per contract from $5,500 for May
Copper inventories in warehouses monitored by the Shanghai Futures Exchange fell 2.1% from a week earlier, the exchange said
Warehouse stock for Copper at LME was at 163100mt that is up by 6025mt.
BUY COPPER APR 2021 @ 690.00 SL 686.00 TGT 696.50-700.00.MCX
ZINC
Zinc trading range for the day is 225.5-230.7.
Zinc prices dropped as pressure seen after the number of initial jobless claims in the US unexpectedly rose last week
Data showed that social inventories of refined zinc ingots decreased 4,700 mt in the week ended April 9 to 228,800 mt.
China's refined zinc output stood at 496,900 mt in March, up 5.44% or 25,600 mt on the month and up 6.49% on the year.
Warehouse stock for Zinc at LME was at 267650mt that is unchange mt.
BUY ZINC APR 2021 @ 228.50 SL 226.80 TGT 230.40-232.00.MCX
NICKEL
Nickel trading range for the day is 1232.6-1282.
Nickel prices dropped on profit booking after China’s refined nickel output dropped 4.62%, or 632 mt, from February to 13,000 mt in March.
China’s economic recovery continued in March, powered by a strong surge in the service sector, data showed.
Exports of nickel products from Indonesia, will surge to 900,000 tonnes in nickel content this year, from 600,000 tonnes in 2019.
Warehouse stock for Nickel at LME was at 257910mt that is up by 492m
BUY NICKEL APR 2021 @ 1260.00 SL 1248.00 TGT 1275.00-1284.00.MCX
ALUMINIUM
Aluminium trading range for the day is 179.3-186.9.
Aluminium prices dropped after China’s primary aluminium output rose 10.2% year on year to 3.35 million mt in March
China's factory gate prices rose at their fastest annual pace since July 2018 in March, official data showed
Driven by the downstream demand, social stocks of aluminium ingot continued to decline as scheduled.
Warehouse stock for Aluminium at LME was at 1854250mt that is down by -6600mt.
BUY ALUMINIUM APR 2021 @ 185.00 SL 183.50 TGT 186.50-187.60.MCX
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