Sell Copper Jun 2021 @ 742.00 SL 746.00 TGT 736.00-732.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 729.2-748.8.
Copper prices fell as a lower-than-expected Chinese exports data sparked concerns of weakening demand for the red metal
China Jan-May unwrought copper imports up 8.4% at 2.37 million tonnes
Global copper smelting extended its rebound in May, touching fresh highs for the year as operations continued to take advantage of strong prices
Warehouse stock for Copper at LME was at 124700mt that is up by 25mt.
SELL COPPER JUN 2021 @ 742.00 SL 746.00 TGT 736.00-732.00.MCX
ZINC
Zinc trading range for the day is 231.8-240.6.
Zinc gained as data showed that social inventories of refined zinc ingots across Shanghai decreased 9,500 mt.
However upside seen limited as the supply at smelting end gradually recovered in June, and the import zinc continued to flow in.
The number of nonfarm payrolls in the US increased by 559,000 in May, and the unemployment rate in May stood at 5.8%.
Warehouse stock for Zinc at LME was at 272100mt that is down by -2450mt
BUY ZINC JUN 2021 @ 235.00 SL 233.00 TGT 237.00-238.50.MCX
NICKEL
Nickel trading range for the day is 1276.5-1330.1.
Nickel prices dropped amid signs of weakening demand for the metal after China's export data came in below market expectations.
Russian nickel producer Nornickel has resumed ore mining at the second of its two mines hit by flooding this year.
Data pointed to a deceleration in China's appetite for overseas metal amid tightening financial condition and slowing credit growth.
Warehouse stock for Nickel at LME was at 242004mt that is down by -564mt.
BUY NICKEL JUN 2021 @ 1298.00 SL 1285.00 TGT 1314.00-1324.00.MCX
ALUMINIUM
Aluminium trading range for the day is 187.2-194.8.
Aluminium dropped due to renewed rumours of sell-off by the State Reserve Bureau and concerns of tightening liquidity
China's exports of unwrought aluminium and aluminium products were 439,097 tonnes in May.
Investor morale in the euro zone rose for the fourth month in a row in June, reaching its highest level since February 2018
Warehouse stock for Aluminium at LME was at 1666375mt that is down by -9725mt.
BUY ALUMINIUM JUN 2021 @ 196.00 SL 194.00 TGT 198.60-200.00.MCX
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