Buy Zinc Sep 2021 @ 243.00 SL 214.00 TGT 246.00-248.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 711.1-724.3
Copper steadied helped by signs of strong demand in China and a steep decline in inventories available in the LME warehouse system.
Chinese Yangshan copper import premiums have risen above $100 a tonne from as low as $21 in June, suggesting stronger demand for overseas metal.
Cash copper on the LME has flipped to a premium against the three-month contract from a roughly $30 discount in mid-August.
Warehouse stock for Copper at LME was at 254300mt that is down by -475mt.
BUY COPPER SEP 2021 @ 680.00 SL 675.00 TGT 686.00-690.00.MCX
ZINC
Zinc trading range for the day is 245-249.8.
Zinc pared gains on profit booking after seen supported as the US House of Representatives approved the $3.5 trillion budget blueprint
The global zinc market was undersupplied by 20,200 tonnes in June following a revised deficit of 23,500 tonnes in May.
The global zinc market was undersupplied by 20,200 tonnes in June following a revised deficit of 23,500 tonnes in May.
Warehouse stock for Zinc at LME was at 239525mt that is up by 225mt.
BUY ZINC SEP 2021 @ 243.00 SL 214.00 TGT 246.00-248.00.MCX
NICKEL
Nickel trading range for the day is 1428-1453.2.
Nickel prices rose after a smelter in north China has suspended refined nickel production recently due to high production costs.
Chinese nickel producer Jien halts cathode output
China cbank offers more medium-term loan than expected to cushion economic slowdown
Warehouse stock for Nickel at LME was at 197076mt that is up by 1518mt.
BUY NICKEL SEP 2021 @ 1390.00 SL 1375.00 TGT 1410.00-1425.00.MCX
ALUMINIUM
Aluminium trading range for the day is 207.3-209.7.
Aluminium gained as LME cash aluminium has been trading at a premium over the threemonth contract, as inventories in both LME and ShFE warehouses fell.
The U.S. House of Representatives voted to advance key parts of President Joe Biden's agenda including an infrastructure plan.
German business morale fell for the second month running in August.
Warehouse stock for Aluminium at LME was at 1292500mt that is down by -2625mt.
BUY ALUMINIUM SEP 2021 @ 204.00 SL 202.00 TGT 206.50-20
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