Sell Copper Apr 2021 @ 670.00 SL 674.00 TGT 666.00-664.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 659.7-675.3.
Copper prices dropped pressured as the yield of U.S. bonds rose sharply, and the U.S. dollar index continued to climb.
Aiding prices were Chinese demand ahead of a seasonally-strong second quarter and low treatment charges for copper concentrate
Investors also eye details later this week of a large U.S. infrastructure bill that could boost metals demand.
Warehouse stock for Copper at LME was at 142550mt that is up by 10500mt.
SELL COPPER APR 2021 @ 670.00 SL 674.00 TGT 666.00-664.00.MCX
ZINC
Zinc trading range for the day is 216.1-224.1.
Zinc dropped pressured by concerns over a third wave of the coronavirus hitting the continent.
The US dollar index hit a new high in more than four months in volatile trading, and the rising yield of US bonds also suppressed prices.
However, the Biden administration will push forward the $3 trillion infrastructure plan this week.
Warehouse stock for Zinc at LME was at 271025mt that is down by -25mt.
BUY ZINC APR 2021 @ 219.50 SL 217.50 TGT 221.50-222.80.MCX
NICKEL
Nickel trading range for the day is 1141.5-1223.9.
Nickel settled down as investors remained cautious as sentiment continued to be dominated by oversupply concerns
Biden is expected to announce an infrastructure stimulus plan focusing on transportation on Wednesday.
Refined nickel inventories in ShFE warehouses dropped to their lowest since June 2019 at 9,339 tonnes.
Warehouse stock for Nickel at LME was at 260568mt that is down by -450mt.
SELL NICKEL APR 2021 @ 1190.00 SL 1200.00 TGT 1176.00-1168.00.MCX
ALUMINIUM
Aluminium trading range for the day is 174.5-179.3.
Aluminium dropped as dollar held near its highest since November buoyed by hopes over improving U.S. economic data
However downside seen limited amid tightening supplies and continued robust demand from the automotive, packaging and construction sectors.
University of Michigan's consumer sentiment index rose to its highest level in a year in March.
Warehouse stock for Aluminium at LME was at 1905375mt that is down by -11700mt.
BUY ALUMINIUM APR 2021 @ 177.00 SL 175.00 TGT 179.00-180.50.MCX
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