Buy Zinc Sep 2021 @ 245.00 SL 243.00 TGT 247.00-248.50.MCX - Kedia Advisory
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Copper
Copper trading range for the day is 711.5-729.3.
Copper prices dropped as China's economy under pressure as factory activity slows in Aug, services contract
In China, the August manufacturing PMI stood at 50.1, and the official manufacturing and non-manufacturing PMI both fell to 18-month low
U.S. consumer confidence fell to a six-month low in August
Warehouse stock for Copper at LME was at 253000mt that is down by -1250mt.
BUY COPPER SEP 2021 @ 720.00 SL 716.00 TGT 724.50-727.00.MCX
Zinc
Zinc trading range for the day is 243.3-246.3.
Zinc prices dropped as China’s official PMI for August was disappointing, indicating a potentially slowing economy growth in the future
Meanwhile, euro zone harmonized CPI for August stood above expectations, showing smooth economy recovery from the pandemic
Activity in China's services sector contracts in August - official PMI
Warehouse stock for Zinc at LME was at 237075mt that is down by -1200mt.
BUY ZINC SEP 2021 @ 245.00 SL 243.00 TGT 247.00-248.50.MCX
Nickel
Nickel trading range for the day is 1422-1473.6.
Nickel prices steadied after prices hit a record 149,870 yuan a tonne and LME nickel advanced 3.3% to $19,640 a tonne on low inventories.
Nickel prices sustained its momentum with support from the cost front, strong demand from new energy sector, low inventory and rising stainless steel.
Activity in China’s services sector slipped into contraction in August, official data showed.
Warehouse stock for Nickel at LME was at 194466mt that is down by -786mt.
BUY NICKEL SEP 2021 @ 1425.00 SL 1410.00 TGT 1440.00-1448.00.MCX
Aluminium
Aluminium trading range for the day is 209.9-215.3.
Aluminium prices remained supported as output curbs in top producer China stoked concerns of tight supply.
Aluminium prices have been supported by production curbs in key Chinese smelting regions often aimed at easing the strain on the power grid.
A meeting in southern China’s Guangxi region, an aluminium and alumina production hub, called for tougher controls on energy consumption
Warehouse stock for Aluminium at LME was at 1334675mt that is down by -3450mt.
BUY ALUMINIUM SEP 2021 @ 212.00 SL 210.00 TGT 214.00-215.80.MCX
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