Buy Alminium May @ 362 SL 359 TGT 365-367. MCX - Kedia Advisory
ALUMINIUM
BUY ALUMINIUM MAY @ 362 SL 359 TGT 365-367. MCX
Observations
Aluminium trading range for the day is 359.3-373.1.
Aluminium dropped after reports EGA's Jebel Ali aluminium smelter running near normal levels
However downside seen limited as the continued blockage of the Strait of Hormuz threatens a prolonged disruption to supply.
Global primary aluminium output in March rose 0.9% year-on-year to 6.302 million tons - IAI
COPPER
BUY COPPER MAY @ 1270 SL 1260 TGT 1280-1290. MCX
Observations
Copper trading range for the day is 1262.1-1292.1.
Copper dropped as industry data showed the refined copper market was in a significant surplus.
The global refined copper market was in a 276,000-ton surplus in February - ICSG
China will step up state backing to expand capacity and upgrade quality in the service sector
ZINC
BUY ZINC MAY @ 337 SL 334 TGT 340-343. MCX
Observations
Zinc trading range for the day is 334.5-346.9.
Zinc prices dropped as Swedish miner Boliden said production at its Garpenberg zinc mine will be resumed in the second quarter.
Zinc price has already risen too high, expects another slight correction before it starts to rise again in the medium term - Commerzbank
Falling LME inventories and a narrowing Cash-3M contango signaled a firmer market structure
