Buy Nickel May 2021 @ 1216.00 SL 1204.00 TGT 1230.00-1238.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 763-824.8.
Copper pared gains on profit booking after prices climbed to record high levels as hopes of improved demand and tight supply fuelled sentiment.
China's copper concentrate imports in the first four months of 2021 were up 4.4% year-onyear at 7.88 million tonnes, according to customs data
China copper smelters to cut concentrate purchases to lift treatment charges
Warehouse stock for Copper at LME was at 123200mt that is down by -3525mt.
BUY COPPER MAY 2021 @ 725.00 SL 719.00 TGT 732.00-736.00.MCX
ZINC
Zinc trading range for the day is 230.3-242.9.
Zinc prices dropped as zinc mines restored production, while more smelters will conduct maintenance in May, which weighed on demand for zinc.
China's refined zinc output stood at 499,300 mt in April, up 0.49% or 2,500 mt on the month and up 4.11% on the year.
Nonfarm payrolls increased by only 266,000 jobs last month after rising by 770,000 in March, the Labor Department said
Warehouse stock for Zinc at LME was at 290500mt that is down by -300mt.
BUY ZINC MAY 2021 @ 227.00 SL 225.00 TGT 229.50-231.00.MCX
NICKEL
Nickel trading range for the day is 1282.6-1354.6
Nickel dropped on profit booking as China exchanges move to cool iron ore, steel price rally
China announced a series of measures to tighten controls on steel capacity, in an effort to curb pollution in key areas
China’s refined nickel output dropped 0.21% from March to 13,000 mt in April
Warehouse stock for Nickel at LME was at 259044mt that is down by -942mt.
BUY NICKEL MAY 2021 @ 1216.00 SL 1204.00 TGT 1230.00-1238.00.MCX
ALUMINIUM
Aluminium trading range for the day is 195-209.
Aluminium prices settled flat after China’s primary aluminium output rose 9.87% year on year to 3.25 million mt in April
For the first four months of 2021, primary aluminium output totalled 12.94 million mt, rising 8.6% from the same period last year.
US Nonfarm payrolls increased by only 266,000 jobs, far lower than the expected 1 million.
Warehouse stock for Aluminium at LME was at 1789725mt that is down by -7375mt.
BUY ALUMINIUM MAY 2021 @ 190.00 SL 188.40 TGT 191.80-193.00.MCX
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