BUY ALUMINIUM MAR @ 329 SL 327 TGT 331-333. MCX - Kedia Advisory
Aluminium
BUY ALUMINIUM MAR @ 329 SL 327 TGT 331-333. MCX
Observations
Aluminium trading range for the day is 324.1-335.3.
Aluminium gained after reports Aluminium Bahrain declared force majeure on its contracts because it is not able to ship
Aluminium prices on the London Metal Exchange jumped as much as 5.1% to $3,418 a ton, their strongest since April 2022.
Supply worries deepened after Norway's Norsk Hydro announced a controlled shutdown in its aluminium joint venture in Qatar
Copper
BUY COPPER MAR @ 1205 SL 1195 TGT 1215-1225. MCX
Observations
Copper trading range for the day is 1198.1-1221.3.
Copper prices recovered due to better than expected private factory data from China.
Investors focused on the upcoming annual convention of the National People's Congress in top consumer China for demand signals.
Markets have pushed back expectations for the next Federal Reserve rate cut to September from earlier forecasts of July.
Zinc
BUY ZINC MAR @ 327 SL 325 TGT 329-331. MCX
Observations
Zinc trading range for the day is 325.4-330.
Zinc gains as low inventories and mine closures, delays underpinned prices.
However upside seen limited as the war in Iran triggered a surge for the US dollar and developed risks to global manufacturing demand.
Goldman Sachs expects the global zinc market to be in a small surplus this year
