Buy Aluminium APR @ 349 SL 346 TGT 352-354. MCX - Kedia Advisory
Aluminium
BUY ALUMINIUM APR @ 349 SL 346 TGT 352-354. MCX
Observations
Aluminium trading range for the day is 343.6-363.4.
Aluminium pared gains on profit booking after prices allied amid the risk of a prolonged supply shock
Alba said that it was shutting smelting lines representing 19% of its capacity.
Stocks of aluminium in LME-approved warehouses have dropped more than 60% since last May to 418,675 tons.
Copper
BUY COPPER APR @ 1157 SL 1150 TGT 1168-1175. MCX
Observations
Copper trading range for the day is 1148.9-1172.5.
Copper gains as weekly social inventory of copper cathode in China’s major regions continued to decline.
China’s copper inventories in major regions nationwide fell 13.81% WoW from last Monday, with all regions continuing destocking.
In January, Chile produced 409,900 tonnes of copper, a 3% year-on-year decline.
Zinc
BUY ZINC APR @ 318 SL 315 TGT 321-324. MCX
Observations
Zinc trading range for the day is 314.2-322.6.
Zinc gains as China's strong factory data, provided support to the prices.
The official manufacturing purchasing managers' index for March was 50.4, up from 39.0 a month ago.
China's central bank pledged to maintain appropriately loose monetary policy.
