Buy Aluminium Jan @ 245 SL 243 TGT 247-249. MCX - Kedia Advisory
Aluminium
Observations
Aluminium trading range for the day is 244.4-248.
Aluminium gains on concern over sliding stocks in LME, which have dropped 45% since May last year.
Cancelled warrants at nearly 60% suggest more aluminium will leave LME warehouses over coming days and weeks.
Worries about tight supplies on the LME system have narrowed the discount for the cash aluminium over the three-month contract to about $13 a ton.
BUY ALUMINIUM JAN @ 245 SL 243 TGT 247-249. MCX
Copper
Observations
Copper trading range for the day is 820.8-834.6.
Copper gains as the Chinese government pledged aggressive bouts of economic support.
However upside seen capped by the dollar’s rally following strong labor data in the US.
Imports of unwrought copper and products to China soared by 18% to 559 thousand tonnes in December
BUY COPPER JAN @ 825 SL 821 TGT 830-834. MCX
Zinc
Observations
Zinc trading range for the day is 268.8-277.8.
Zinc prices settled flat amid a strong U.S. dollar following robust economic data.
However, markets remain optimistic that Beijing will follow through on its recent commitments to ramp up monetary and fiscal stimulus.
Zinc inventories in warehouses monitored by the Shanghai Futures Exchange down 10.80% from last Friday.
BUY ZINC JAN @ 272 SL 270 TGT 275-277. MCX
