Buy Nickel Aug 2021 @ 1462.00 SL 1448.00 TGT 1482.00-1498.00.MCX -
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COPPER
Copper trading range for the day is 741-769.4.
Copper dropped as prices remained under pressure from rising mine supply and China's drive to cap commodity prices.
Investors waited for details from a Federal Reserve meeting that could shift expectations for U.S. monetary policy.
Copper stocks in Shanghai Futures Exchange (ShFE) warehouses are below 100,000 tonnes from almost 230,000 tonnes in May.
Warehouse stock for Copper at LME was at 230225mt that is up by 5000mt.
BUY COPPER AUG 2021 @ 756.00 SL 750.00 TGT 762.00-766.50.MCX
ZINC
Zinc trading range for the day is 241.5-247.9.
Zinc prices settled flat as US July Consumer Confidence rose to a 17-month high.
TCs for domestic concentrate rose again, and 50,000 mt of zinc reserve was released, keeping the supply abundant.
Social inventories continued to fall to new lows, which boosted the confidence of the longs.
Warehouse stock for Zinc at LME was at 246950mt that is down by -50mt.
BUY ZINC AUG 2021 @ 244.20 SL 242.50 TGT 246.80-248.00.MCX
NICKEL
Nickel trading range for the day is 1454-1507.6.
Nickel prices rose buoyed by strong demand from stainless steel mills and electric vehicle battery makers, amid tight supply.
Booming stainless steel output to sustain nickel prices for months.
Vale, one of the world’s largest producers, said nickel output declined in the second quarter of the year.
Warehouse stock for Nickel at LME was at 215820mt that is down by -2058mt.
BUY NICKEL AUG 2021 @ 1462.00 SL 1448.00 TGT 1482.00-1498.00.MCX
ALUMINIUM
Aluminium trading range for the day is 197.2-205.6.
Aluminium prices gained boosted by strong demand and production cutbacks in China due to power issues.
Cash aluminium on the LME has flipped to a $9.50 premium against the three-month contract from a $20 discount two weeks ago.
The second release of government reserves stood at 90000 mt, lower than market expectation.
Warehouse stock for Aluminium at LME was at 1401500mt that is down by -6500mt.
BUY ALUMINIUM AUG 2021 @ 198.20 SL 196.50 TGT 200.50-201.80.MCX
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