Buy Aluminium APR @ 372 SL 369 TGT 375-378. MCX - Kedia Advisory
Aluminium
BUY ALUMINIUM APR @ 372 SL 369 TGT 375-378. MCX
Observations
Aluminium trading range for the day is 362.7-380.3.
Aluminium rallied as the continued blockage of the Strait of Hormuz threatens a prolonged disruption to Middle Eastern supply.
The global aluminium market is already experiencing a "black swan" supply shock due to disruptions stemming from the war
LME aluminium inventory continued to decline, with the latest level at 393,800 mt, reinforcing supply concerns.
Copper
BUY COPPER APR @ 1275 SL 1265 TGT 1285-1295. MCX
Observations
Copper trading range for the day is 1264.3-1294.1.
Copper gained as restocking activity in China picked up ahead of the Labor Day holiday from May 1 to 5.
Chinese smelters produced a record volume of refined copper in March, as elevated prices for byproduct sulfuric acid boosted output.
Copper output is expected to ease in April and the following month due to seasonal maintenance at smelters.
Zinc
BUY ZINC APR @ 348 SL 345 TGT 351-354. MCX
Observations
Zinc trading range for the day is 340.6-354.6.
Zinc gains amid cautious optimism over U.S.-Iran peace talks after President Trump said he would indefinitely extend the ceasefire.
Support seen after LME zinc inventory fell to 107,525 mt, hitting a one-month low.
Against the backdrop of continued declines in zinc concentrate TCs, bears exited the market, driving a rapid rally in zinc prices.
