Sell Zinc Jul 2021 @ 241.00 SL 243.00 TGT 239.00-237.60.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 714.8-744.8.
Copper prices gained after China’s central bank cut the amount of cash most banks must hold in reserve in order to boost lending in the economy.
Shanghai warehouse copper stocks down 9.2 %.
CME lowers margins for copper futures contracts by 9.1%.
Warehouse stock for Copper at LME was at 216800mt that is up by 2225mt.
SELL COPPER JUL 2021 @ 732.00 SL 738.00 TGT 726.00-722.00.MCX
ZINC
Zinc trading range for the day is 238.5-245.5.
Zinc prices gained as support came after the PBoC cut the reserve requirement ratio (RRR) for all banks by 50 bps.
China’s June consumer price index (CPI) rose 1.1 points on the year, the increase narrowing 0.2 point from May.
The producer price index (PPI) rose 8.8 points on the year in June, and the increase narrowed 0.2 percentage points on the month.
Warehouse stock for Zinc at LME was at 251200mt that is down by -100mt.
SELL ZINC JUL 2021 @ 241.00 SL 243.00 TGT 239.00-237.60.MCX
NICKEL
Nickel trading range for the day is 1376.8-1420.2.
Nickel prices gained on signs of a tightening nickel market.
China’s import premiums for full plated nickel cathodes, jumped more than 10% in the week.
Operations at Vale’s nickel mine in Sudbury, Canada, remained stalled after an unsuccessful 2nd round of negotiations with its unionized workers.
Warehouse stock for Nickel at LME was at 228612mt that is down by -1368mt.
SELL NICKEL JUL 2021 @ 1382.00 SL 1398.00 TGT 1366.00-1354.00.MCX
ALUMINIUM
Aluminium trading range for the day is 195.2-200.2.
Aluminium gained as the People’s Bank of China will reduce the reserve requirement ratio by 0.5 percentage point for most banks.
Support also seen as social inventories of aluminium ingots continued to decrease.
Russian aluminium exports rose in the first five months of 2021.
Warehouse stock for Aluminium at LME was at 1506675mt that is down by -10525mt.
SELL ALUMINIUM JUL 2021 @ 199.00 SL 201.00 TGT 197.00-195.60.MCX
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