Buy Nickel Aug 2021 @ 1372.00 SL 1356.00 TGT 1388.00-1398.00.MCX - Kedia Advisory
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Copper
Copper trading range for the day is 742.7-778.7.
Copper prices gained as floods in top consumer China spark demand hopes at a time when inventories are falling.
US Manufacturing PMI in July reached historical high, while the Services PMI fell to its lowest in five months unexpectedly.
The global world refined copper market showed a 75,000 tonnes deficit in April, compared with a 13,000 tonnes deficit in March.
Warehouse stock for Copper at LME was at 225225mt that is up by 475mt.
BUY COPPER AUG 2021 @ 718.00 SL 712.00 TGT 726.50-730.00.MCX
ZINC
Zinc trading range for the day is 238.4-251.2.
Zinc prices gained as the recent typhoon may influence the production mainly in Zhejiang with suspended operation.
Zinc ingots inventory in seven locations across China totalled 115,700 mt as of July 26, down 200 mt from last Friday and fell 1200 mt on week.
The released 80,000 mt of national zinc reserves this month made up for the reduced supply due to the power curtailment.
Warehouse stock for Zinc at LME was at 247200mt that is down by -100mt.
BUY ZINC AUG 2021 @ 241.40 SL 239.50 TGT 243.60-245.00.MCX
NICKEL
Nickel trading range for the day is 1447.5-1510.1.
Nickel prices rose as ShFE nickel hit a five-month high at 146,870 yuan a tonne as floods in China sparked supply concerns.
The US Markit manufacturing PMI in July came in at 63.1 on Friday, setting a new record high.
Global nickel market deficit widens in May – INSG
Warehouse stock for Nickel at LME was at 219180mt that is down by -264mt.
BUY NICKEL AUG 2021 @ 1372.00 SL 1356.00 TGT 1388.00-1398.00.MCX
ALUMINIUM
Aluminium trading range for the day is 198.4-202.2.
Aluminium dropped on profit boooking after prices gained as the global economic recovery supported increased demand.
Social aluminium inventories shrank 47000 mt to 782000 mt.
The second release of government reserves stood at 90000 mt, lower than market expectation.
Warehouse stock for Aluminium at LME was at 1416775mt that is down by -6750mt.
BUY ALUMINIUM AUG 2021 @ 193.50 SL 192.00 TGT 195.40-197.00.MCX
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