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COPPER

Copper trading range for the day is 740.2-789.

Copper prices dropped after China’s NDRC stated that commodity prices will gradually return to the fundamentals of supply and demand

Pressure also seen as rising inflation pushed investors into a risk-off sentiment, offsetting the impact of potential supply disruptions in South America.

Chile’s Cochilco copper commission said that it was significantly raising its projection for the price of copper this year to $4.30 per pound.

Warehouse stock for Copper at LME was at 117075mt that is down by -1950mt.

BUY COPPER MAY 2021 @ 778.00 SL 772.00 TGT 786.50-792.00.MCX

ZINC

Zinc trading range for the day is 225.3-240.1.

Zinc prices dropped after news that China plans to strengthen management of both supply and demand sides to curb “unreasonable” increases in commodity prices

Zinc concentrate supply tightened in Yunnan amid the lack of imported zinc concentrate.

Some smelters in this region reduced output due to power restrictions in Yunnan, alleviating the tight supply situation.

Warehouse stock for Zinc at LME was at 285650mt that is down by -725mt.

BUY ZINC MAY 2021 @ 237.00 SL 235.00 TGT 240.00-242.00.MCX

NICKEL

Nickel trading range for the day is 1233.3-1343.5.

Nickel prices dropped after China says it will stabilise commodity market, step up trade and stockpiling adjustment

Pressure also seen on prices due to oversupply concerns.

China’s Lygend Mining said its nickel and cobalt smelting project in Indonesia had produced first batch of nickel products will gradually enter the global market.

Warehouse stock for Nickel at LME was at 252072mt that is down by -1296mt.

BUY NICKEL MAY 2021 @ 1312.00 SL 1298.00 TGT 1332.00-1342.00.MCX

ALUMINIUM

Aluminium trading range for the day is 187.7-196.1.

Aluminium prices dropped as pressure seen after China said, will increase regulation of commodity futures and spot markets, as well as clamp down on unusual transactions.

The US and the EU announced they have begun discussions to “address global steel and aluminum excess capacity” while agreeing to not escalate their dispute over tariffs

China's aluminium imports in April rose 36.1% from the previous month and jumped 165.2% year-on-year.

Warehouse stock for Aluminium at LME was at 1759675mt that is down by -5850mt.

BUY ALUMINIUM MAY 2021 @ 193.00 SL 191.00 TGT 196.00-198.00.MCX

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