Buy Nickel Jun 2021 @ 1298.00 SL 1285.00 TGT 1314.00-1324.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 706.3-733.5.
Copper prices recovered on short covering amid ShFE copper stocks were last at 180,967 tonnes, their lowest since March 12.
Earlier in the day, prices dropped as China said it will release national reserves of some base metals over the near term, tries to stabilise the price.
Yangshan copper premium fell to $21 a tonne, its lowest since February 2016 and 81% lower than May 2020, indicating weak demand
Warehouse stock for Copper at LME was at 142625mt that is up by 2000mt.
BUY COPPER JUN 2021 @ 742.50 SL 740.00 TGT 746.00-750.00.MCX
ZINC
Zinc trading range for the day is 235-244.6.
Zinc prices gained on short covering after prices dropped as China will release zinc stocks to ensure the supply and stabilise the prices.
Growth in China's factory output slowed for a third straight month in May
Chinese industrial production rose 8.8% in May from a year ago, slower than the 9.8% uptick in April
Warehouse stock for Zinc at LME was at 265375mt that is down by -2050mt.
BUY ZINC JUN 2021 @ 235.00 SL 233.00 TGT 237.00-238.50.MCX
NICKEL
Nickel trading range for the day is 1267.5-1312.7.
Nickel dropped as growth in China's factory output slowed for a third straight month in May
However prices recovered some of its losses as high-grade NPI plants cut output before May due to nickel ore shortages, tightening NPI supply.
China's refined nickel cathode output in May fell 4.5% from the prior month and slumped 10.8% year-on-year to 12,424 tonnes
Warehouse stock for Nickel at LME was at 239838mt that is down by -654mt.
BUY NICKEL JUN 2021 @ 1298.00 SL 1285.00 TGT 1314.00-1324.00.MCX
ALUMINIUM
Aluminium trading range for the day is 190.7-197.3.
Aluminium prices recovered as China’s primary aluminium output fell slightly in May
China May primary aluminium output at 3.32 mln T - stats bureau
Output down from April record as Yunnan smelters shut capacity
Warehouse stock for Aluminium at LME was at 1627225mt that is down by -12975mt.
BUY ALUMINIUM JUN 2021 @ 196.00 SL 194.00 TGT 198.60-200.00.MCX
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