Buy Copper Sep 2021 @ 714.00 SL 709.00 TGT 719.50-722.50.MCX - Kedia Advisory
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Copper
Copper trading range for the day is 708.6-719.
Copper dropped as China's central bank drops hints that further monetary policy easing is coming, which ought to restore confidence in the economy
Union at BHP's Cerro Colorado calls on workers to reject contract offer
On-warrant copper inventories in LME-registered warehouses fell to 169,800 tonnes from almost 240,000 tonnes a week ago, suggesting tighter supply.
Warehouse stock for Copper at LME was at 254300mt that is unchange mt
BUY COPPER SEP 2021 @ 714.00 SL 709.00 TGT 719.50-722.50.MCX
Zinc
Zinc trading range for the day is 243.2-249.2.
Zinc settled flat as global stock markets wobbled ahead of a highly anticipated speech by U.S. Federal Reserve Chair Jerome Powell on Friday.
The mood among German consumers darkened heading into September while lending to euro zone companies continued to slow last month.
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 239650mt that is up by 125mt.
BUY ZINC SEP 2021 @ 246.00 SL 244.00 TGT 248.50-250.00.MCX
Nickel
Nickel trading range for the day is 1387-1450.
Nickel prices dropped in response to concerns that government efforts to cool the property market could ripple through the economy.
The growth rate of US new orders of durable goods in July fell slightly
The global nickel market deficit narrowed to 20,100 tonnes in June compared a shortfall of 23,600 tonnes in May
Warehouse stock for Nickel at LME was at 196290mt that is down by -786mt.
BUY NICKEL SEP 2021 @ 1434.00 SL 1420.00 TGT 1448.00-1456.00.MCX
Aluminium
Aluminium trading range for the day is 206-211.
Aluminium gained due to output cut at aluminium plants in Yunnan, Guangdong and Inner Mongolia on power curtailment and dual control of energy consumption.
Data showed that domestic aluminium social inventories stood at 753000 mt, up 12000 mt on the week, most of which was contributed by Gongyi.
Data showed that China’s social inventories of aluminium billet across five major consumption areas fell 6,200 mt'
Warehouse stock for Aluminium at LME was at 1306950mt that is up by 14450mt.
BUY ALUMINIUM SEP 2021 @ 208.00 SL 206.40 TGT 209.60-210.50.MCX
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