Buy Zinc May2021 @ 229.00 SL 227.00 TGT 231.00-232.50.MCX
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COPPER
Copper trading range for the day is 768.1-793.1.
Copper rose as the threat of strikes at mines in Chile and a belief among investors that prices will rally further offset weak factory data from top metals consumer China.
A union representing workers at BHP’s Escondida and Spence mines in Chile rejected the company’s contract offer, raising the risk of a strike.
Political risk for miners is rising in South America’s copper-rich Andes as high poverty and debt levels drive potentially sharp policy shifts.
Warehouse stock for Copper at LME was at 119875mt that is down by -1375mt.
BUY COPPER MAY 2021 @ 772.00 SL 764.00 TGT 782.00-788.00.MCX
ZINC
Zinc trading range for the day is 229-243.4.
Zinc prices gained as China's economic strengthened and improved in April, boosting market sentiment.
Data showed that social inventories of refined zinc ingots across Shanghai, decreased 5,100 mt from last Friday May 14 to 171,200 mt.
Output at U.S. factories increased in April as operations at plants that were damaged by February’s stormy weather in the South came back online
Warehouse stock for Zinc at LME was at 286950mt that is down by -200mt.
BUY ZINC MAY 2021 @ 229.00 SL 227.00 TGT 231.00-232.50.MCX
NICKEL
Nickel trading range for the day is 1287.1-1342.1.
Nickel prices gained as China's industrial production as well as fixed asset investment growth moderated
China said that consumer spending grew at a slower-than-expected pace in April.
China Retail sales rose 17.7% last month from a year ago, the National Bureau of Statistics said
Warehouse stock for Nickel at LME was at 254982mt that is down by -1152mt.
BUY NICKEL MAY 2021 @ 1272.00 SL 1260.00 TGT 1290.00-1304.00.MCX
ALUMINIUM
Aluminium trading range for the day is 192.8-202.2.
Aluminium prices rose on strong demand, and growing expectations that China’s supply will be limited due to carbon emission targets.
China's aluminium production in April rose 12.4% from March to a record monthly volume, official data showed
Primary aluminium output in China, was 3.35 million tonnes in April, the National Bureau of Statistics said
Warehouse stock for Aluminium at LME was at 1768375mt that is up by 5850mt.
BUY ALUMINIUM MAY 2021 @ 195.00 SL 193.00 TGT 197.00-198.50.MCX
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