Buy Aluminium APR @ 352 SL 349 TGT 355-357. MCX - Kedia Advisory
Aluminium
BUY ALUMINIUM APR @ 352 SL 349 TGT 355-357. MCX
Observations
Aluminium trading range for the day is 350-361.4.
Aluminium dropped as shanghai warehouse aluminium stocks approach six – year high.
China's aluminium exports now poised to grow, with some earlier forecasts for flat shipments revised sharply higher.
Premium for LME cash aluminium contract over 3-M contract was last at $81 a ton, its highest since 2007.
Copper
BUY COPPER APR @ 1180 SL 1170 TGT 1192-1202. MCX
Observations
Copper trading range for the day is 1158.7-1204.3.
Copper jumped after U.S. President agreed to a two-week ceasefire with Iran, easing fears of a global economic slowdown.
The cash LME copper contract's discount to the three-month forward widened to $89.50 a ton from $84.60, implying there is no shortage.
Copper stocks in LME-approved warehouses stood at 385,275 tons, the highest level since March 2018.
Zinc
BUY ZINC APR @ 326 SL 323 TGT 329-331. MCX
Observations
Zinc trading range for the day is 324.4-335.4.
Zinc dropped amid growing worries about the global economic impact of the war in Iran fueled broad losses across industrial metals markets.
China’s factory activity returned to expansion in March, lifting demand expectations.
Supply-side constraints, including low stockpiles and disruptions caused by mine closures and operational delays, also underpinned prices.
