Buy Zinc Aug 2021 @ 241.40 SL 239.50 TGT 243.60-245.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 728.5-761.1.
Copper prices gained as investors bet that extended easy monetary policy would help to boost economic recovery and metals demand.
Copper inventories in warehouses monitored by the Shanghai Futures Exchange fell 15.4 percent from last Friday, the exchange said.
The global world refined copper market showed a 75,000 tonnes deficit in April, compared with a 13,000 tonnes deficit in March
Warehouse stock for Copper at LME was at 224750mt that is up by 500mt.
BUY COPPER AUG 2021 @ 718.00 SL 712.00 TGT 726.50-730.00.MCX
ZINC
Zinc trading range for the day is 236.9-244.3.
Zinc prices gained as the initial manufacturing PMI for July in Eurozone was higher than expected.
The European Central Bank pledged to keep interest rates at record lows for even longer to boost sluggish inflation.
The global zinc market was undersupplied by 17,900 tonnes in May following a revised deficit of 13,800 tonnes in April
Warehouse stock for Zinc at LME was at 247300mt that is down by -175mt.
BUY ZINC AUG 2021 @ 241.40 SL 239.50 TGT 243.60-245.00.MCX
NICKEL
Nickel trading range for the day is 1405.2-1491.2.
Nickel rose on the expectations of a shortage on the global market provoked by the increase in demand that outpaces the supply growth.
The global nickel market deficit widened to 21,300 tonnes in May compared a shortfall of 20,400 tonnes in April.
China's nickel cathode output fell 4.4% year-on-year to 79,400 tonnes in January-June.
Warehouse stock for Nickel at LME was at 219444mt that is down by -72mt.
BUY NICKEL AUG 2021 @ 1372.00 SL 1356.00 TGT 1388.00-1398.00.MCX
ALUMINIUM
Aluminium trading range for the day is 197.9-202.1.
Aluminium rose supported by tight global supply and continued robust demand from the automotive, packaging, and construction sectors.
U.S. business activity grew at a moderate pace for a second straight month in July amid supply constraints.
The European Central Bank maintained its benchmark interest rate and the scale of asset purchases.
Warehouse stock for Aluminium at LME was at 1423525mt that is down by -6675mt.
BUY ALUMINIUM AUG 2021 @ 193.50 SL 192.00 TGT 195.40-197.00.MCX
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