Sell Nickel Jun 2021 @ 1300.00 SL 1318.00 TGT 1280.00-1264.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 679.5-709.7.
Copper prices gained as dollar retreated from two-month highs as investors continued to evaluate whether a perceived hawkish tilt by Fed.
China May copper exports hit 14-month peak as traders cash in on LME price jump
China May refined copper output +10.2% y/y at 866,000 tonnes - stats bureau
Warehouse stock for Copper at LME was at 161050mt that is down by -7625mt.
SELL COPPER JUN 2021 @ 698.00 SL 705.00 TGT 790.00-786.50.MCX
ZINC
Zinc trading range for the day is 226.9-235.5.
Zinc recovered as a bipartisan U.S. infrastructure plan costing a little over $1 trillion has been gaining support in the U.S. Senate.
Chinese authorities announced plans to sell its reserves of zinc in batches in the near future to ensure the supply and price stability of bulk commodities.
China May zinc output +1.2% y/y at 527,000 tonnes - stats bureau
Warehouse stock for Zinc at LME was at 260550mt that is down by -775mt.
BUY ZINC JUN 2021 @ 231.00 SL 229.00 TGT 233.00-235.00.MCX
NICKEL
Nickel trading range for the day is 1265.1-1320.3.
Nickel rose amid strong Chinese demand and near record-low inventories in warehouses tracked by ShFE.
Biden eager to continue infrastructure talks with lawmakers - Psaki
Steel mills started to purchase nickel plates for the high production, and nickel sulphate prices rose, driving up nickel briquette consumption.
Warehouse stock for Nickel at LME was at 237678mt that is down by -732mt.
SELL NICKEL JUN 2021 @ 1300.00 SL 1318.00 TGT 1280.00-1264.00.MCX
ALUMINIUM
Aluminium trading range for the day is 186.4-195.2.
Aluminium prices recovered amid tight stocks and continued robust demand from the automotive, packaging and construction sectors
Global aluminium output rises to 5.744 mln T in May – IAI
China May alumina output rose 11.2% year-on-year to 6.6 million tonnes - stats bureau
Warehouse stock for Aluminium at LME was at 1612900mt that is down by -8425mt.
BUY ALUMINIUM JUN 2021 @ 196.00 SL 194.00 TGT 198.60-200.00.MCX
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