Sell Zinc Aug 2021 @ 249.00 SL 250.80 TGT 247.00-245.60.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 722.8-751.8.
Copper declined as a surge of the Delta coronavirus variant across the world raised doubts of a sustainable global economic recovery.
Yangshan copper premium rose to its highest since April 7 of $52 a tonne, indicating rising demand for importing the metal into China.
Workers at Codelco's Andina copper mine turn down contract offer, gird for strike.
Warehouse stock for Copper at LME was at 238000mt that is down by -650mt.
SELL COPPER AUG 2021 @ 744.00 SL 750.00 TGT 738.00-735.50.MCX
ZINC
Zinc trading range for the day is 242-248.8.
Zinc prices dropped as the previous released government reserves started to influence the prices, and COVID kept spreading.
From the fundamentals, power restriction may become normal, and the supply side will be influenced anyway, thus underpin the zinc prices.
Fed governor said that the policymakers would announce a plan to cut back the Fed's asset-purchase program in September.
Warehouse stock for Zinc at LME was at 244950mt that is down by -75mt.
SELL ZINC AUG 2021 @ 249.00 SL 250.80 TGT 247.00-245.60.MCX
NICKEL
Nickel trading range for the day is 1442.4-1490.8.
Nickel prices dropped as data signaled a slower growth in the manufacturing industry of China and US, pressuring the market amid worsened pandemic.
New orders for U.S.-made goods increased more than expected in June.
China’s July manufacturing PMI decreased from 50.9 in June to 50.4, lower than expectation.
Warehouse stock for Nickel at LME was at 211068mt that is down by -2052mt.
SELL NICKEL AUG 2021 @ 1482.00 SL 1496.00 TGT 1466.00-1458.00.MCX
ALUMINIUM
Aluminium trading range for the day is 205.1-208.3.
Aluminium prices dropped on profit booking as the market was concerned that the Delta mutant may bring more confirmed cases.
From the fundamentals, aluminium supply was still disrupted.
The production restriction in south-east China and the Inner Mongolia became stricter, and demand was not weaker than expected.
Warehouse stock for Aluminium at LME was at 1371150mt that is down by -7425mt.
SELL ALUMINIUM AUG 2021 @ 208.50 SL 210.00 TGT 207.00-205.80.MCX
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