Buy Zing Apr 2021 @ 219.20 SL 217.00 TGT 221.60-223.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 661-674.2.
Copper prices gained as support seen after US President Biden announced a $2 trillion infrastructure plan
Global copper smelting slipped to the lowest levels in at least five years in March as China failed to recover due to supply shortages
Japan's Sumitomo Metal plans 5% cut in FY21/22 copper output
Warehouse stock for Copper at LME was at 143775mt that is down by -725mt.
BUY COPPER APR 2021 @ 666.00 SL 662.00 TGT 670.50-674.00.MCX
ZINC
Zinc trading range for the day is 215.6-222.4.
Zinc dropped dragged down by concerns about demand from top consumer China and as fears about supply disruption eased
The Caixin survey showed that Chinese manufacturing activity in March unexpectedly expanded at the slowest pace in almost a year.
Japan's Mitsui Mining expects 9.5% rise in H1 zinc output
Warehouse stock for Zinc at LME was at 270500mt that is down by -350mt.
BUY ZINC APR 2021 @ 219.20 SL 217.00 TGT 221.60-223.00.MCX
NICKEL
Nickel trading range for the day is 1166.3-1223.3.
Nickel prices gained after data showed US Markit manufacturing PMI stood at 59.1 in March, and the ISM manufacturing PMI came in at 64.7, much better than expected.
Prices remained supported in the wake of improving economic prospects backed by the Biden government’s more than $2 trillion stimulus plan.
China’s economic recovery continued in March, powered by a strong surge in the service sector, data showed.
Warehouse stock for Nickel at LME was at 259182mt that is down by -1062mt.
BUY NICKEL APR 2021 @ 1178.00 SL 1166.00 TGT 1192.00-1200.00.MCX
ALUMINIUM
Aluminium trading range for the day is 176.7-179.1.
Aluminium prices rose as traders worried that Chinese efforts to reduce smelter pollution will restrict output and supply will fall short of demand.
Soaring shipping costs, booming demand and tight supplies of primary and scrap aluminium are likely to fuel further price rises
Japanese aluminium buyers have agreed to pay the highest premium in six years to get their metal in the second quarter.
Warehouse stock for Aluminium at LME was at 1889400mt that is down by -7675mt.
BUY ALUMINIUM APR 2021 @ 176.00 SL 174.50 TGT 177.50-178.80.MCX
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