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 726.9-747.9.
Copper fell hit by fresh concerns about price controls after surging producer inflation strengthened China’s resolve to keep commodity prices in check.
China’s state planner renewed its pledge to step up monitoring of commodity prices and strengthen supervision of spot and futures markets
China's major copper smelters reduced output by 4.34% in May from a month earlier to 765,100 tonnes as several of them carried out maintenance.
Warehouse stock for Copper at LME was at 131775mt that is up by 2100mt.
SELL COPPER JUN 2021 @ 742.00 SL 746.00 TGT 736.00-732.00.MCX
ZINC
Zinc trading range for the day is 234.2-240.2.
Zinc prices remained under pressure due to the recovery of the production capacity of some smelters, arrivals increased.
The negotiation between US President Biden and the Republican Party on infrastructure bill has broken down
A highly anticipated report released by the Labor Department showed consumer prices in the U.S. increased by more than expected in the month of May.
Warehouse stock for Zinc at LME was at 268650mt that is down by -1000mt.
BUY ZINC JUN 2021 @ 235.00 SL 233.00 TGT 237.00-238.50.MCX
NICKEL
Nickel trading range for the day is 1284.9-1363.9.
Nickel recovered after U.S. government data showed new unemployment claims fell to the lowest level since the country’s first wave of COVID-19
The national refined nickel output decreased 590 mt or 4.53% month on month to 12,400 mt in May, and operating rates stood at 57%.
China's output of nickel sulphate stood at 97,700 mt or 21,500 mt in metal content in May, down 5.82% from the previous month
Warehouse stock for Nickel at LME was at 240570mt that is down by -690mt.
BUY NICKEL JUN 2021 @ 1298.00 SL 1285.00 TGT 1314.00-1324.00.MCX
ALUMINIUM
Aluminium trading range for the day is 189.6-198.6.
Aluminium gains as the premium of LME cash aluminium and the three-month contract to $11.80 a tonne, indicating tightening supply.
China is looking to release 800,000-900,000 tonnes of primary aluminium from its state reserves
Data showed that China’s social inventories of aluminium across eight consumption areas fell 35,000 mt
Warehouse stock for Aluminium at LME was at 1640500mt that is down by -9250mt.
BUY ALUMINIUM JUN 2021 @ 196.00 SL 194.00 TGT 198.60-200.00.MCX
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