Buy Nickel Aug 2021 @ 1458.00 SL 1445.00 TGT 1474.00-1482.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 666.5-697.5.
Copper prices slumped amid a stronger dollar, demand concerns from the resurgence in Covid-19 and easing supply disruptions.
China July refined copper output up 10.4% y/y
Yangshan copper premium leaped to $72 per tonne, its highest since March 3, indicating improving demand
Warehouse stock for Copper at LME was at 245125mt that is unchange mt.
BUY COPPER AUG 2021 @ 710.00 SL 706.00 TGT 716.00-718.50.MCX
ZINC
Zinc trading range for the day is 241.1-248.5.
Zinc prices dropped amid the cooled down market sentiments by the uncertainty of economic recovery.
Fed Chairman Powell warned about the uncertainty to economic recovery, and stated that the Fed tools are limited.
The power curtailment has been loosened in Guangxi, Hunan, and Yunnan, but the affected output in August is still higher than expected.
Warehouse stock for Zinc at LME was at 228350mt that is down by -2875mt.
BUY ZINC AUG 2021 @ 248.00 SL 246.00 TGT 250.00-251.60.MCX
NICKEL
Nickel trading range for the day is 1373.5-1438.3.
Nickel prices trended down amid bearish non-ferrous metals caused by less-than-expected retail sales data in July and soring US dollar index.
UK inflation data showed a sharper slowdown than expected - though analysts said investors were focused more on the state of the labour market.
British inflation fell to the Bank of England’s 2% target last month.
Warehouse stock for Nickel at LME was at 198486mt that is down by -624mt.
BUY NICKEL AUG 2021 @ 1458.00 SL 1445.00 TGT 1474.00-1482.00.MCX
ALUMINIUM
Aluminium trading range for the day is 203.1-206.9.
Aluminium prices dropped as inventors became more worried about a slowing economic growth, depressing risk appetite.
Fed Chairman Powell warned about the uncertainties in economic outlook against the repeated COVID-19 pandemic
China's aluminium imports in July rose 6.1% from the previous month, hitting their highest since September 2020.
Warehouse stock for Aluminium at LME was at 1309700mt that is down by -5425mt.
BUY ALUMINIUM AUG 2021 @ 207.00 SL 205.40 TGT 208.80-210.00.MCX
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