IGI Logo

COPPER

Copper trading range for the day is 748.5-776.7.

Copper edged lower on profit booking amid worries about a dip in demand from top consumer China while a firmer dollar also weighed.

The Yangshan copper premium fell to $28.50 a tonne, its lowest since February 2016, indicating weakening demand

Funds whittled down their long positions in LME copper to 26% of open interest as of Friday, from 68% in February

Warehouse stock for Copper at LME was at 123350mt that is up by 2650mt.

BUY COPPER JUN 2021 @ 766.00 SL 762.00 TGT 770.00-775.00.MCX

ZINC

Zinc trading range for the day is 239.2-244.2.

Zinc prices gained boosted by the manufacturing PMI of the US and China both recorded a new high, and LME inventories continued to decrease.

However, zinc prices continued to be strong and the downstream market had poor willingness to restock, leading to the sluggish transaction.

A deluge of new orders helped to drive a record increase in British manufacturing activity last month as the economy began to recover.

Warehouse stock for Zinc at LME was at 276025mt that is down by -5525mt.

BUY ZINC JUN 2021 @ 237.00 SL 235.00 TGT 240.00-241.80.MCX

NICKEL

Nickel trading range for the day is 1316.9-1352.3.

Nickel prices gained as support seen after US manufacturing PMI in May was higher than expected.

The $6 trillion new infrastructure plan in the US ignited the enthusiasm of the capital market to speculate on commodity prices.

Data showed that the purchasing manager's index (PMI) for downstream nickel industries, stood at 50.67 in May, up 0.76 point from April.

Warehouse stock for Nickel at LME was at 243630mt that is down by -2814mt.

BUY NICKEL JUN 2021 @ 1315.00 SL 1300.00 TGT 1332.00-1345.00.MCX

ALUMINIUM

Aluminium trading range for the day is 190-197.6.

Aluminium prices dropped as the consumption declined in Guangdong, and the social inventories in south China is expected to increase slightly.

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.

Global primary aluminium output fell to 5.56 million tonnes in April from revised 5.744 million tonnes in March, data from IAI showed.

Warehouse stock for Aluminium at LME was at 1683675mt that is down by -23325mt.

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

To Read Complete Report & Disclaimer Click Here

Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaime