Buy Zinc May 2021 @ 227.00 SL 225.00 TGT 229.50-231.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 744.4-769.
Copper prices dropped paring gains after data showed that copper stocks in Shanghai bonded area rose 7,000 mt from the prior week to 396,700
However downside seen limited amid strong U.S. economic data and Fed’s commitment to continue supporting the economy fuelled investors' appetite for risk.
Goldman Sachs forecast copper would average $9,675 a tonne in 2021, $11,875 a tonne in 2022 and $12,000 a tonne in 2023.
Warehouse stock for Copper at LME was at 143725mt that is down by -3600mt.
BUY COPPER MAY 2021 @ 725.00 SL 719.00 TGT 732.00-736.00.MCX
ZINC
Zinc trading range for the day is 227-236.4.
Zinc gained after data showed that social inventories of refined zinc ingots in China decreased 21,900 mt to 180,100 mt.
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
Japan's March zinc exports up 37.3% y/y
Warehouse stock for Zinc at LME was at 291925mt that is down by -25mt.
BUY ZINC MAY 2021 @ 227.00 SL 225.00 TGT 229.50-231.00.MCX
NICKEL
Nickel trading range for the day is 1274-1341.4.
Nickel gained as Global demand for nickel is expected to increase to 2.67 million tonnes in 2021 from 2.39 million tonnes in 2020
Global output of nickel is expected to rise to 2.72 million tonnes from 2.49 million tonnes
The U.S. economy has had a steady run of good news in recent months, with job gains accelerating as businesses reopen
Warehouse stock for Nickel at LME was at 262044mt that is down by -168mt.
BUY NICKEL MAY 2021 @ 1216.00 SL 1204.00 TGT 1230.00-1238.00.MCX
ALUMINIUM
Aluminium trading range for the day is 190.4-197.
Aluminium gains on strong demand and growing expectations that China’s supply will be limited due to carbon emission targets.
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 1835150mt that is down by -3800mt.
BUY ALUMINIUM MAY 2021 @ 190.00 SL 188.40 TGT 191.80-193.00.MCX
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