Buy Zinc Aug 2021 @ 241.40 SL 239.50 TGT 243.60-245.00.MC - Kedia Advisory
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COPPER
Copper trading range for the day is 720.3-745.7.
Copper dropped as China’s growth rate of social financing and credit supply in July was both below expectation, indicating challenges over economy recovery.
The US Senate approved a $1 trillion infrastructure bill
Unions at Codelco's Andina mine set to walk off job on Thursday
Warehouse stock for Copper at LME was at 235775mt that is down by -150mt.
BUY COPPER AUG 2021 @ 718.00 SL 712.00 TGT 726.50-730.00.MCX
ZINC
Zinc trading range for the day is 244.8-254.
Zinc prices dropped as China's output of zinc in July rose more slowly than expected from the prior month due to restrictions on power use in key production hubs.
The cancelled LME zinc warehouse receipts increased by 21,500 mt, a new high since 2018, triggering a lot of speculation in the market.
Premiums rose slightly in Shanghai, and climbed more significantly in Guangdong due to disruptions to the supply side.
Warehouse stock for Zinc at LME was at 242725mt that is down by -3800mt.
BUY ZINC AUG 2021 @ 241.40 SL 239.50 TGT 243.60-245.00.MCX
NICKEL
Nickel trading range for the day is 1471.3-1507.3.
Nickel prices climbed as falling Chinese output stoked supply worries, while easing fears over U.S. policy tightening also lent support.
ShFE nickel inventories were last at 6,707 tonnes, down 80% from the same time last year.
China's refined nickel output in January-July fell 15.7% year-on-year to 91,723 tonnes.
Warehouse stock for Nickel at LME was at 204012mt that is down by -1440mt.
BUY NICKEL AUG 2021 @ 1372.00 SL 1356.00 TGT 1388.00-1398.00 MCX
ALUMINIUM
Aluminium trading range for the day is 204.9-210.1.
Aluminium dropped as data showed that China's social inventories of aluminium across eight consumption areas increased 7,000 mt
The stocks of aluminium billet in five major consumption areas increased by 14,400 mt to 117,600 mt
The market shall also pay attention to the influences of imports and released government reserves.
Warehouse stock for Aluminium at LME was at 1333575mt that is down by -6650mt.
BUY ALUMINIUM AUG 2021 @ 193.50 SL 192.00 TGT 195.40-197.00.MCX
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