IGI Logo

Copper

Copper trading range for the day is 723.7-744.5.

Copper gains after workers at two mines in top producer Chile went on strikes, raising supply disruption risks.

Yangshan copper premium rose to $65 a tonne, its highest since March 23, indicating improving demand to import the metal into China.

The discount of LME cash copper on the three-month contract expanded to $31.75 a tonne, its biggest since July 20

Warehouse stock for Copper at LME was at 235650mt that is down by -125mt.

BUY COPPER AUG 2021 @ 718.00 SL 712.00 TGT 726.50-730.00.MCX

Zinc

Zinc trading range for the day is 245.9-253.7.

Zinc gains on weaker dollar after a sharp drop in U.S. consumer sentiment fueled hopes for Fed holding off on tapering stimulus.

The China government has removed export tariffs on some steel products twice, bringing considerate influences on galvanized products consumption

US producer price index (PPI) in July rose by the highest year-on-year growth rate since 2010 above expectation

Warehouse stock for Zinc at LME was at 239700mt that is down by -3025mt.

BUY ZINC AUG 2021 @ 241.40 SL 239.50 TGT 243.60-245.00.MCX

Nickel

Nickel trading range for the day is 1476.4-1500.4.

Nickel dropped on profit booking after prices rallied in last few sessions as falling Chinese output stoked supply worries

Demand for nickel from new energy sector stayed high, while refined nickel inventories kept falling.

China's refined nickel output in January-July fell 15.7% year-on-year to 91,723 tonnes.

Warehouse stock for Nickel at LME was at 202896mt that is down by -1116mt.

BUY NICKEL AUG 2021 @ 1372.00 SL 1356.00 TGT 1388.00-1398.00.MCX

Aluminium

Aluminium trading range for the day is 206.2-209.8.

Aluminium rose as the fundamental supply remained tight, as the expanding power curtailment limited the aluminium supply.

U.S. consumer sentiment dropped sharply in early August to its lowest level in a decade

Social inventories reversed its previous fall and added slightly as concentrated aluminium arrivals due to improved transportation

Warehouse stock for Aluminium at LME was at 1323825mt that is down by -9750mt.

BUY ALUMINIUM AUG 2021 @ 193.50 SL 192.00 TGT 195.40-197.0MCX

To Read Complete Report & Disclaimer Click Here

Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer