Sell Aluminium Jul 2021 @ 199.00 SL 201.00 TGT 197.00-195.60.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 700.9-736.3.
Copper prices fell as daily new coronavirus infections have been surging from the United States and Europe to Asia due to the spread of the Delta variant.
China June refined copper output up 2.6% – statistics bureau.
Japan's copper cable sales, domestic and exports, rose 3.7% in June to 52,800 tonnes onyear.
Warehouse stock for Copper at LME was at 226300mt that is up by 2125mt.
SELL COPPER JUL 2021 @ 732.00 SL 738.00 TGT 726.00-722.00.MCX
ZINC
Zinc trading range for the day is 238.6-245.8.
Zinc prices dropped as pressure seen after China will continue to release metals reserves in batches.
The NDRC also pledged to keep reinforcing supervision of the futures and spot market and strictly crack down on irregularities such as hoarding.
China June zinc output was up 6.2% y/y at 567,000 tonnes.
Warehouse stock for Zinc at LME was at 248550mt that is down by -175mt.
SELL ZINC JUL 2021 @ 241.00 SL 243.00 TGT 239.00-237.60.MCX
NICKEL
Nickel trading range for the day is 1350.7-1462.5.
Nickel prices fell as surging COVID-19 cases raised investor concerns about the global economic recovery and metals demand.
Vale Indonesia Q2 nickel matte production falls sharply due to maintenance.
U.S. homebuilder confidence in the market for single family homes fell in July to its lowest level since August 2020.
Warehouse stock for Nickel at LME was at 221892mt that is down by -1356mt.
SELL NICKEL JUL 2021 @ 1382.00 SL 1398.00 TGT 1366.00-1354.00.MCX
ALUMINIUM
Aluminium trading range for the day is 190.1-199.9.
Aluminium prices dropped after China's aluminium imports in June rose 30% from the prior month.
China June alumina output was up 6.7% y/y at 6.8 million tonnes.
Data showed that China’s social inventories of aluminium across eight consumption areas fell 26,000 mt.
Warehouse stock for Aluminium at LME was at 1449325mt that is down by -8475mt.
SELL ALUMINIUM JUL 2021 @ 199.00 SL 201.00 TGT 197.00-195.60.MCX
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