Sell Copper May 2021 @ 758.00 SL 765.00 TGT 750.00-746.00.MCX
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COPPER
Copper trading range for the day is 743.6-772.8.
Copper fell as dropping premium signalled demand weakness in top consumer China at a time when prices were edging near a record high in London.
Yangshan copper premium fell to $45.50 a tonne, it lowest since April 2017, indicating subdued demand for imported metal into China.
Ample copper supplies next year and in 2023 will keep the market balanced
Warehouse stock for Copper at LME was at 148975mt that is down by -5625mt.
SELL COPPER MAY 2021 @ 758.00 SL 765.00 TGT 750.00-746.00.MCX
ZINC
Zinc trading range for the day is 229.7-238.1.
Zinc settled flat but prices recovered from lows as speedy vaccination rollouts and trillions in dollars of economic stimulus lifted hopes of a robust global economic recovery and higher demand for metals.
Recent economic readings from the United States and China reinforced this view, while President Biden’s multitrillion-dollar infrastructure plan lent further optimism to the bulls.
ShFE zinc prices soared 3.2% to 22,430 yuan a tonne, its highest since March 23. Zinc concentrate imports in March exceeded expectations
Warehouse stock for Zinc at LME was at 291950mt that is unchange mt.
SELL ZINC MAY 2021 @ 235.00 SL 237.00 TGT 232.00-230.00.MCX
NICKEL
Nickel trading range for the day is 1254.1-1338.9.
Nickel rose as prospects for rebounding growth as the global vaccine rollout gathers pace underpinned a rally in the metals market.
The global nickel market surplus expanded to 6,200 tonnes in February from a downwardly revised surplus of 3,500 tonnes in the previous month
During the first two months of the year, the global market saw a surplus of 9,700 tonnes, down from a surplus of 29,300 tonnes in the same period of 2020
Warehouse stock for Nickel at LME was at 262458mt that is down by -750mt.
BUY NICKEL MAY 2021 @ 1268.00 SL 1258.00 TGT 1284.00-1295.00.MCX
ALUMINIUM
Aluminium trading range for the day is 191.8-196.6.
Aluminium prices gained amid improving demand prospects due to a global economic recovery and increased investments in green initiatives.
Prices gained as support seen as social inventories of aluminium ingots stood at 1.14 million mt in China, down 1,000 mt
Primary aluminium ingot inventories in China fell, showed data.
Warehouse stock for Aluminium at LME was at 1782600mt that is down by -4925mt.
SELL ALUMINIUM MAY 2021 @ 194.00 SL 196.00 TGT 192.00-190.60.MCX
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