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Buy Zinc Jun 2021 @ 235.00 SL 233.00 TGT 237.00-238.50.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 727.1-757.9.
Copper gained as the world economy is expected to grow by 5.6 percent this year, up from a 4.1 percent expansion projected in January
Janet Yellen said President Joe Biden’s $4 trillion spending plan would be good even if it contributes to rising inflation and results in higher interest rates.
The Yangshan copper premium was last at $28 a tonne, hovering around its lowest since February 2016 and down 75% compared to May 2020
Warehouse stock for Copper at LME was at 127200mt that is up by 2500mt.
SELL COPPER JUN 2021 @ 742.00 SL 746.00 TGT 736.00-732.00.MCX
ZINC
Zinc trading range for the day is 233.7-240.1.
Zinc recovered from lows as China's refined zinc output fell 2.06% on the month to 494,600 mt in May
The Federal Reserve's overnight reverse repurchase usage reached a record high, exceeding $486 billion.
U.S. job openings surged by nearly one million to a new record high in April
Warehouse stock for Zinc at LME was at 270350mt that is down by -1750mt.
BUY ZINC JUN 2021 @ 235.00 SL 233.00 TGT 237.00-238.50.MCX
NICKEL
Nickel trading range for the day is 1286.2-1332.8.
Nickel prices recovered on optimism about economic recovery and data for the euro zone economy was upbeat for the first quarter of the year
Indonesia aims for three nickel smelters to be completed and operational this year, a government official said.
China's NPI output increased by 5.32% MoM to 35,700 mt
Warehouse stock for Nickel at LME was at 241392mt that is down by -612mt.
BUY NICKEL JUN 2021 @ 1298.00 SL 1285.00 TGT 1314.00-1324.00.MCX
ALUMINIUM
Aluminium trading range for the day is 188.5-194.1.
Aluminium gained as LME cash aluminium was at a $5.24-a-tonne discount to the threemonth contract the smallest discount since May 7
Tsingshan Holding Group is set to ramp up aluminium production in Indonesia in 2023
Aluminium stocks at three major Japanese ports rose 1.3% to 273,600 tonnes at the end of April, from 270,200 tonnes at the end of March.
Warehouse stock for Aluminium at LME was at 1653175mt that is down by -13200mt.
BUY ALUMINIUM JUN 2021 @ 196.00 SL 194.00 TGT 198.60-200.00.MCX
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