Sell Copper April 2021 @ 669.00 SL 674.00 TGT 662.00-658.50.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 663-673.6.
Copper prices gains as China's factory growth accelerates the most in 3 months, bolsters economic recovery
Chinese factory activity normally goes dormant during the Lunar New Year break, but this year millions of workers stayed put due to COVID-19 fears
Canada's Turquoise Hill Resources Ltd said its Oyu Tolgoi mining unit in Mongolia declared force majeure on some Chinese copper concentrate contracts
Warehouse stock for Copper at LME was at 144500mt that is up by 1950mt.
SELL COPPER APR 2021 @ 669.00 SL 674.00 TGT 662.00-658.50.MCX
ZINC
Zinc trading range for the day is 216.9-222.5.
Zinc prices gained as treatment charges for zinc concentrate are likely to continue to fall, and environmental restrictions still limited zinc ingot supply.
China Manufacturing Growth at 3-Month High: NBS
China Non Manufacturing PMI Highest in 4 Months: NBS
Warehouse stock for Zinc at LME was at 270850mt that is down by -175mt.
SELL ZINC APR 2021 @ 219.80 SL 222.00 TGT 217.50-216.20.MCX
NICKEL
Nickel trading range for the day is 1165-1197.
Nickel prices gained as support seen after China’s economic recovery continued in March driven by surge in the service sector
Nickel prices have been supported by rising demand from the electric vehicle batteries sector, solid consumption from the stainless steel industry and supply chain disruption
However upside seen limited following Tsingshan's announcement to produce a large amount of nickel matte in Indonesia earlier this month.
Warehouse stock for Nickel at LME was at 260244mt that is down by -324mt.
SELL NICKEL APR 2021 @ 1182.00 SL 1196.00 TGT 1165.00-1154.00.MCX
ALUMINIUM
Aluminium trading range for the day is 175.3-178.7.
Aluminium prices gained as a crackdown on energy use in Inner Mongolia leaves a question mark over supply.
Japan buyers agree to pay Q2 aluminium premiums of $148-149/T
EU imposes tariffs on Chinese aluminium producers
EU imposes tariffs on Chinese aluminium producers
SELL ALUMINIUM APR 2021 @ 177.00 SL 179.00 TGT 175.00-173.60.MCX
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