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 352.3-356.5.
Aluminium dropped as doubts about whether the U.S.-Iran ceasefire would hold reinforced concerns about global growth and demand.
The premium for the LME cash contract over the three-month forward climbed above $70 a ton, the highest since 2007.
The Middle East produced nearly seven million metric tons of primary aluminium last year or 9% of global supply estimated at around 75 million tons this year.
Copper
BUY COPPER APR @ 1185 SL 1175 TGT 1195-1205. MCX
Observations
Copper trading range for the day is 1175.9-1202.5.
Copper gains as dollar index pared early gains, slipping below 99 to its weakest level in more than two weeks..
Copper are stocks in warehouses registered with the LME and Comex above 900,000 tons, double the level since the start of the year.
Climbing inventories have created a large discount for the cash contracts over the three-month forward on the LME.
Zinc
BUY ZINC APR @ 329 SL 326 TGT 332-335. MCX
Observations
Zinc trading range for the day is 326-334.
Zinc gains amid improving industrial signals and short-term supply tightness.
China’s factory activity returned to expansion in March, lifting demand expectations.
Foreign exchange reserves held and published by the People's Bank of China fell by $85.7 billion from the previous month.
