sell Nickel Jul 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 714.7-727.5
Copper prices gained as copper inventories in warehouses monitored by the Shanghai Futures Exchange fell 7.3 percent.
Global copper smelting activity slipped in June after a rebound a month earlier as Chinese plants closed for maintenance.
Yangshan copper premium fell to $21.5 a tonne, hovering around its lowest since February 2016, indicating subdued demand for imported metal.
Warehouse stock for Copper at LME was at 211950mt that is down by -25mt.
BUY COPPER JUL 2021 @ 718.00 SL 714.00 TGT 724.00-727.00.MCX
ZINC
Zinc trading range for the day is 235.3-240.5.
Zinc gains as data showed that social inventories of refined zinc ingots decreased 3,600 mt to 112,900 mt.
Stocks in Shanghai continued to decrease as the arrivals of imported zinc were limited and the market mainly digested domestic zinc.
The U.S. trade deficit increased in May as efforts by business to rebuild inventories amid booming demand pulled in imports.
Warehouse stock for Zinc at LME was at 253075mt that is down by -525mt.
BUY ZINC JUL 2021 @ 231.00 SL 229.00 TGT 233.00-235.00.MCX
NICKEL
Nickel trading range for the day is 1337.1-1394.5
Nickel prices gained as support seen after new orders for U.S.-made goods rebounded sharply in May
The US manufacturing industry PMI for June was slightly lower than expected, but stayed in rapid expansion.
Inventories of refined nickel in the Shanghai bonded areas decreased 400 mt from a week ago and stood at 10,300 mt as of July 2, showed data.
Warehouse stock for Nickel at LME was at 231378mt that is down by -120mt.
SELL NICKEL JUL 2021 @ 1300.00 SL 1318.00 TGT 1280.00-1264.00.MCX
ALUMINIUM
Aluminium trading range for the day is 197-203.2.
Aluminium prices gained supported by tight supply and continued robust demand from the automotive, packaging and construction sectors.
Russia is planning new export taxes for steel products, nickel, aluminum and copper, which will cost their producers around $2.3 billion.
A production curb in China's top-producing province of Yunnan and a slow start to new capacity addition supercharged existing bullish sentiment.
Warehouse stock for Aluminium at LME was at 1562950mt that is down by -5950mt
BUY ALUMINIUM JUL 2021 @ 196.00 SL 194.00 TGT 198.60-200.00.MCX
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