BUY ALUMINIUM MAR @ 330 SL 328 TGT 333-335. MCX - Kedia Advisory
Aluminium
BUY ALUMINIUM MAR @ 330 SL 328 TGT 333-335. MCX
Observations
Aluminium trading range for the day is 325.6-337.
Aluminium gained as Guinea considered imposing bauxite export quotas, stoking feedstock supply concerns.
Alvance British Aluminium has boosted output by ~10% at its Lochaber smelter in Fort William, Scotland.
EGA secured alternative export routes to the Strait of Hormuz amid the U.S.-Israeli war on Iran, easing some of the immediate worries.
Copper
BUY COPPER MAR @ 1115 SL 1105 TGT 1125-1135. MCX
Observations
Copper trading range for the day is 1093.7-1137.3.
Copper prices fell as concerns over the Iran war’s impact on global growth and inflation weighed on markets.
Prices fell despite Monday’s spike on Trump’s postponed strikes.
Copper is down 10% this month, attracting Chinese buying, while inventories fell sharply last week.
Zinc
BUY ZINC MAR @ 308 SL 305 TGT 311-313. MCX
Observations
Zinc trading range for the day is 306.1-312.9.
Zinc prices dropped as Middle East war fears fueled global inflation and growth concerns.
However, sentiment in China remained supported by Trump’s decision to delay the strikes and by hopes of improving demand.
The global zinc market swung to a surplus of 9,200 metric tons in January from a deficit of 75,100 tons in December.
