Copper trading range for the day is 737-787 - Kedia Advisory
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COPPER
Copper trading range for the day is 737-787.
Copper prices rose helped by the threat of strikes at mines in top producer Chile and an easing of fears that China, will tighten monetary policy
Miner BHP Group Ltd said it would take contingency measures after a labour union at its Escondida and Spence mines called for a strike.
Investors are concerned that political change in Chile and Peru will lead to tougher rules on mining.
Warehouse stock for Copper at LME was at 123750mt that is down by -950mt.
BUY COPPER JUN 2021 @ 778.00 SL 772.00 TGT 786.50-792.00.MCX
ZINC
Zinc trading range for the day is 230.8-242.8.
Zinc prices gained as support seen on reports that President Joe Biden will announce on Friday a $6 trillion budget for 2022.
New orders for key U.S.-made capital goods increased more than expected in April and shipments rose solidly
The pandemic situation in the US slowed down and nearly half of the people were vaccinated, which made investors optimistic about the prospects of economic recovery
Warehouse stock for Zinc at LME was at 286425mt that is down by -400mt.
BUY ZINC JUN 2021 @ 237.00 SL 235.00 TGT 240.00-242.00.MCX
NICKE
Nickel trading range for the day is 1225.8-1376.2.
Nickel prices rose on the further signs of recovery in the US labour market and as it was reported that Biden administration is set to propose $6 trillion budget in 2022.
U.S. Senate Republicans are expected to unveil a new offer that would spend about $1 trillion on roads, bridges and broadband systems.
The global nickel market deficit widened to 16,100 tonnes in March from a small deficit of 600 tonnes in the previous month
Warehouse stock for Nickel at LME was at 247782mt that is down by -576mt.
BUY NICKEL JUN 2021 @ 1312.00 SL 1298.00 TGT 1332.00-1342.00.MCX
ALUMINIUM
Aluminium trading range for the day is 187.8-200.4.
Aluminium gained as LME aluminium inventories continued to decrease, and the pandemic situation in US slowed down
Support also seen from China’s green transition policies as well as growing demand from new economy sectors
Earnings at China’s industrial firms grew at a slower pace in April, with high commodity prices
Warehouse stock for Aluminium at LME was at 1724075mt that is down by -4300mt.
BUY ALUMINIUM JUN 2021 @ 193.00 SL 191.00 TGT 196.00-198.00.MCX
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