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COPPER

Copper trading range for the day is 710.3-735.1

Copper prices gained as rising consumer confidence in economic recovery boosted the prices.

China is selling from state reserves of copper, aluminium and zinc as part of its pledge to control a surge in commodities prices.

Morgan Stanley forecast copper would average a little above $9,000 a tonne for the rest of the year.

Warehouse stock for Copper at LME was at 211525mt that is up by 1175mt.

BUY COPPER JUL 2021 @ 718.00 SL 714.00 TGT 724.00-727.00.MCX

ZINC

Zinc trading range for the day is 235.9-242.9.

Zinc gained as economic data showed that the US house price and consumer confidence index rose strongly

China imported 57,500 mt of refined zinc in May, up 32.95% on the year and 41.07% on the month.

LME zinc stocks fell to 260,000 mt, indicating a recovering end consumption.

Warehouse stock for Zinc at LME was at 254025mt that is down by -650mt.

BUY ZINC JUL 2021 @ 231.00 SL 229.00 TGT 233.00-235.00.MCX

NICKEL

Nickel trading range for the day is 1342.3-1396.5.

Nickel dropped on profit booking after prices gained as support seen as LME and ShFE stockpiles declined.

Global demand of nickel used in batteries is expected to rise 18% this year from 2020, backed by strong sales of electric-vehicles in China

The global nickel market deficit narrowed to 15,600 tonnes in April from a shortfall of 17,100 tonnes in March

Warehouse stock for Nickel at LME was at 232476mt that is down by -1338mt

SELL NICKEL JUL 2021 @ 1300.00 SL 1318.00 TGT 1280.00-1264.00.MCX

ALUMINIUM

Aluminium trading range for the day is 194.4-204.

Aluminium prices remained supported as China’s manufacturing industry PMI was higher than expected, and US Fed is likely to reduce QE in advance.

U.S. private payrolls increased more than expected in June as companies rushed to boost production and services amid a rapidly reopening economy

Contracts to purchase previously owned U.S. homes rose strongly in May to the highest level for that month since 2005.

Warehouse stock for Aluminium at LME was at 1578075mt that is up by 900mt.

BUY ALUMINIUM JUL 2021 @ 196.00 SL 194.00 TGT 198.60-200.00.MCX

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