Buy Zinc May 2021 @ 234.00 SL 232.00 TGT 236.50-238.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 755.7-768.5.
Copper prices dropped as the global copper market should see a surplus of 79,000 tonnes this year and of 109,000 tonnes in 2022.
Top copper producer Chile saw output of the red metal fall for the tenth consecutive month in March, marking a modest but continual slide in production.
Copper's rally, driven by a combination of optimism about recovery prospects for the pandemic-hit global economy and supply concerns
Warehouse stock for Copper at LME was at 137400mt that is down by -6325mt.
BUY COPPER MAY 2021 @ 760.00 SL 756.00 TGT 764.00-768.00.MCX
ZINC
Zinc trading range for the day is 231-239.6.
Zinc prices gained as investors looked to signs of recovery from the coronavirus pandemic as major economies around the world reopen.
Global supply of refined zinc is expected to exceed demand by 353,000 tonnes in 2021, the ILZSG said
Chinese zinc smelters, produced 426,000 tonnes of zinc in March, up 7% year-on-year but down 9.8% month-on-month on a daily basis
Warehouse stock for Zinc at LME was at 291750mt that is down by -175mt.
BUY ZINC MAY 2021 @ 234.00 SL 232.00 TGT 236.50-238.00.MCX
NICKEL
Nickel trading range for the day is 1296-1354.6.
Nickel pared gains seen eralier as prospects for rebounding growth as the global vaccine rollout gathers pace underpinned a rally in the metals market.
Global nickel demand to increase to 2.67 mln tonnes in 2021 – INSG
Indonesia's Antam Q1 nickel ore output up more than four – fold y/y
Warehouse stock for Nickel at LME was at 261996mt that is down by -48mt.
BUY NICKEL MAY 2021 @ 1316.00 SL 1304.00 TGT 1330.00-1342.00.MCX
ALUMINIUM
Aluminium trading range for the day is 193.8-196.4.
Aluminium prices rose as China's commitment to curb carbon emissions sparked worries that supply of the energy-intensive metal will be limited.
The Chinese city of Baotou in Inner Mongolia shut down 34 ferroalloy companies and some captive power plants
Chinese officials have warned that they will cap high commodity prices to dampen inflation
Warehouse stock for Aluminium at LME was at 1827800mt that is down by -7350mt.
BUY ALUMINIUM MAY 2021 @ 193.00 SL 191.50 TGT 195.00-196.50.MCX
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