Sell Nickel Jul 2021 @ 1382.00 SL 1398.00 TGT 1366.00-1354.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 720.3-733.7.
Copper prices slipped on concerns about demand prospects in top consumer China where economic recovery appeared to be slowing.
Copper stocks in LME registered warehouses at 219,175 tonnes have over the last three weeks climbed nearly 40%.
China’s trade data, industrial production and GDP data due this week will be watched closely for demand prospects.
Warehouse stock for Copper at LME was at 219175mt that is up by 2375mt.
SELL COPPER JUL 2021 @ 732.00 SL 738.00 TGT 726.00-722.00.MCX
ZINC
Zinc trading range for the day is 239-242.8.
Zinc prices dropped as refined zinc output continued to increase month on month in June, and social inventories continued to pile up.
Data showed that social inventories of refined zinc ingots across Shanghai increased 1,700 mt.
The People's Bank of China announced a 0.5-percentage-point RRR cut, releasing trillions of funds, and the liquidity was loose.
Warehouse stock for Zinc at LME was at 251075mt that is down by -125mt.
SELL ZINC JUL 2021 @ 241.00 SL 243.00 TGT 239.00-237.60.MCX
NICKEL
Nickel trading range for the day is 1373.9-1416.5.
Nickel prices dropped as inventories of refined nickel in the Shanghai bonded areas increased 9,000 mt.
Worries about shortages have created a premium for the cash over the three month LME contract.
The premium is due to many factors including tight exchange stocks Russia's planned export tax on nickel and a strike at Vale's Sudbury operation in Canada.
Warehouse stock for Nickel at LME was at 226962mt that is down by -1650mt.
SELL NICKEL JUL 2021 @ 1382.00 SL 1398.00 TGT 1366.00-1354.00.MCX
ALUMINIUM
Aluminium trading range for the day is 195.8-200.6.
Aluminium prices remained supported as social inventories of aluminum ingots continued to decrease.
But the consumption of profiles in construction and other sectors weakened, and the aluminium billet stocks continued to pile up.
Pboc decided to cut the deposit reserve ratio of financial institutions by 0.5 percentage point on July 15, 2021, thus maintaining ample liquidity worldwide.
Warehouse stock for Aluminium at LME was at 1496075mt that is down by -10600mt.
SELL ALUMINIUM JUL 2021 @ 199.00 SL 201.00 TGT 197.00-195.60.MCX
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