Buy Nickel Aug 2019 @ 1125.00 SL 1110.00 TGT 1150.00-1170.00.MCX – Kedia Commodities

Copper

* Copper trading range for the day is 443.3-454.7.

* Copper gained as China announced new measures to support its economy amid a damaging trade war with the United States, potentially improving demand.

* China’s central bank over the weekend unveiled a key interest rate reform in a bid to help steer borrowing costs lower for companies.

* Copper inventories in LME-registered warehouses have jumped by 22% in three days to 331,975 tonnes, while stocks in warehouses tracked by SHFE rose 4.1%.

* Warehouse stock for Copper at LME was at 330125mt that is down by -1850mt.

* BUY COPPER AUG 2019 @ 442.00 SL 438.00 TGT 447.00-450.00.MCX

Zinc

* Zinc trading range for the day is 181.4-185.8.

* Zinc prices gained on short covering after investors remained cautious about lower LME zinc inventories amid a contango structure.

* Growing expectations of higher stocks on poor consumption also depressed confidence.

* Zinc social inventories across Shanghai, Tianjin and Guangdong inched up over the weekend, as shipments from Guangdong arrived in Shanghai.

* Warehouse stock for Zinc at LME was at 72425mt that is down by -875mt.

* BUY ZINC AUG 2019 @ 182.50 SL 180.80 TGT 184.00-185.50.MCX

Nickel

* Nickel trading range for the day is 1107.2-1146.8.

* Nickel dropped on profit booking after worries tied to trade tensions and a Federal Reserve rate cut weighed on consumer sentiment.

* The Philippines’ top exporter of high-grade nickel ore is expected to shut its mining operations soon as ore deposits are nearly depleted.

* The premium of LME cash nickel over the three-month contract eased from a decade-high of $40 a tonne to $22 a tonne, suggesting nearby supply tightness has eased.

* Warehouse stock for Nickel at LME was at 149640mt that is up by 4506mt.

* BUY NICKEL AUG 2019 @ 1125.00 SL 1110.00 TGT 1150.00-1170.00.MCX

Aluminium

* Aluminium trading range for the day is 139.2-142.

* Aluminium dropped as weak data that showed the Chinese economy continues to be hurt by the ongoing trade war with the United States

* Social inventories of primary aluminium in China shrank over the weekend, as stocks in most areas posted declines.

* The US dollar lost gains after worries tied to trade tensions and a Federal Reserve rate cut weighed on consumer sentiment.

* Warehouse stock for Aluminium at LME was at 962350mt that is down by -6900mt.

* BUY ALUMINIUM AUG 2019 @ 140.00 SL 138.50 TGT 142.00-144.00.MCX

Dailyhunt

Disclaimer: This story is auto-aggregated by a computer program and has not been created or edited by Dailyhunt. Publisher: Investment Guru India

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