Sell Aluminium Jul 2021 @ 200.00 SL 202.50 TGT 197.00-195.50.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 705.7-731.9.
Copper prices dropped as ISM manufacturing activity index declined month on month, the output continued to rise.
U.S. private payrolls increased more than expected in June as companies rushed to boost production and services amid a rapidly reopening economy.
Though gains were capped on concerns of a sooner-than-expected U.S. policy tightening to tame inflation.
SELL COPPER JUL 2021 @ 722.50 SL 728.50 TGT 716.00-712.50.MCX
ZINC
Zinc trading range for the day is 234.7-242.5.
Zinc prices dropped amid stronger dollar, the threat of tighter U.S. monetary policy and moves by China to keep a lid on prices.
US non-farm payrolls registered 692,000, and Fed reverse repo volume got close to $1 trillion for the first time.
Overseas market strengthened last night, and China’s PMI stood high, boosting the optimistic market sentiments.
Warehouse stock for Zinc at LME was at 253600mt that is down by -425mt.
SELL ZINC JUL 2021 @ 240.50 SL 243.00 TGT 238.00-236.40.MCX
NICKEL
Nickel trading range for the day is 1339.7-1379.5.
Nickel prices dropped as growth in China’s factory activity dipped to a four-month low in June.
Data showed that in May, Japan’s industrial output fell by the most in a year and South Korea’s dipped from April.
U.S. manufacturing activity grew at a moderate pace in June, but employment contracted for the first time in seven months
Warehouse stock for Nickel at LME was at 231498mt that is down by -978mt.
SELL NICKEL JUL 2021 @ 1368.00 SL 1384.00 TGT 1352.00-1340.00.MCX
ALUMINIUM
Aluminium trading range for the day is 196.3-199.9.
Aluminium dropped as data showed that China’s social inventories of aluminium across eight consumption areas increased 2,000
The outbound volume of the aluminium billet rose by 12,800 mt to 51,100 mt last week, an increase of 33.5%.
U.S. construction spending unexpectedly fell in May
Warehouse stock for Aluminium at LME was at 1568900mt that is down by -9175mt.
SELL ALUMINIUM JUL 2021 @ 200.00 SL 202.50 TGT 197.00-195.50.MCX
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