Sell Copper Jul 2021 @ 732.00 SL 738.00 TGT 726.00-722.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 710.4-734.8.
Copper prices dipped after the U.S. Federal Reserve confirmed plans to tighten monetary policy sooner than expected.
China raised expectations that it could ease monetary policy to support its economy
Total stocks in LME-registered warehouses are at their highest in more than a year at 212,575 tonnes.
Warehouse stock for Copper at LME was at 214575mt that is unchange mt.
SELL COPPER JUL 2021 @ 732.00 SL 738.00 TGT 726.00-722.00.MCX
ZINC
Zinc trading range for the day is 236.6-242.
Zinc prices dropped as China central bank vows to push real lending rates lower
The People's Bank of China will also make timely adjustments to policy tools and keep the yuan exchange rate basically stable to help exporters.
Goldman Sachs expected the possibility of Fed’s carrying out interest hike before 2024 to be over 50%.
Warehouse stock for Zinc at LME was at 251300mt that is down by -275mt.
SELL ZINC JUL 2021 @ 241.00 SL 243.00 TGT 239.00-237.60.MCX
NICKEL
Nickel trading range for the day is 1356.7-1391.1.
Nickel prices dropped after the China’s State Council, said authorities would use timely cuts in banks’ RRR to support the economy
For the first time since August, China's 10-year yield dips below 3%
Nickel ore inventories across all Chinese ports increased 129,000 wmt from June 25 to 5.23 million wmt as of July 2
Warehouse stock for Nickel at LME was at 229980mt that is down by -1332mt.
SELL NICKEL JUL 2021 @ 1382.00 SL 1398.00 TGT 1366.00-1354.00.MCX
ALUMINIUM
Aluminium trading range for the day is 193.2-199.4.
Aluminium prices dropped as China's yuan weakens as cabinet floats RRR cuts
Fed’s minutes showed that many officials predicted that the time to reach the code reduction threshold might be earlier than expected
Plans by Russia to impose taxes on exports of aluminium, have fuelled a surge in spot market costs for consumers in Europe and the United States.
Warehouse stock for Aluminium at LME was at 1517200mt that is down by -9075mt.
SELL ALUMINIUM JUL 2021 @ 199.00 SL 201.00 TGT 197.00-195.60.MCX
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