Buy Nickel May 2021 @ 1330.00 SL 1315.00 TGT 1345.00-1356.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 740.5-772.5.
Copper prices dropped as pressure seen after China's refined copper production rose 16.6% year-on-year to 901,000 tonnes in April.
However upside seen limited as a softer dollar and worries about a strike in Chile spurred purchases.
The world’s top metal consumer said it will strengthen its management of the supply and demand of commodities to curb “unreasonable” increases in prices
Warehouse stock for Copper at LME was at 117300mt that is up by 225mt.
BUY COPPER MAY 2021 @ 780.00 SL 770.00 TGT 800.00-810.00.MCX
ZINC
Zinc trading range for the day is 228-234.6.
Zinc prices dropped as pressure seen after China April zinc output gained by 3.4% y/y at 544,000 tonnes.
The global zinc market surplus narrowed in March to 2,100 tonnes from a revised surplus of 56,900 tonnes the previous month
China keeps lending benchmark rate unchanged for 13th straight month
Warehouse stock for Zinc at LME was at 284550mt that is down by -1100mt.
BUY ZINC MAY 2021 @ 237.00 SL 235.00 TGT 239.50-241.00.MCX
NICKEL
Nickel trading range for the day is 1228.2-1293.2.
Nickel dropped continuing its weakness as the State Council of China required to curb unreasonable rises in commodities prices.
Some US Fed officials were open to discussing debt purchase reduction in the “next few meetings”.
China’s Lygend Mining said its nickel smelting project in Indonesia had produced first batch of nickel products which will gradually enter the global market.
Warehouse stock for Nickel at LME was at 250482mt that is down by -1590mt.
BUY NICKEL MAY 2021 @ 1330.00 SL 1315.00 TGT 1345.00-1356.00.MCX
ALUMINIUM
Aluminium trading range for the day is 182.4-195.
Aluminium prices dropped following a global dip in markets as fears about rising inflation continued to weigh on sentiment.
Global aluminium output falls to 5.56 mln T in Apr – IAI
China April alumina output +7.0% y/y at 6.49 mln tonnes - stats bureau
Warehouse stock for Aluminium at LME was at 1757350mt that is down by -2325mt.
BUY ALUMINIUM MAY 2021 @ 199.00 SL 197.00 TGT 201.50-203.00.MCX
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