Buy Aluminium May @ 236 SL 234 TGT 238-240. MCX - Kedia Advisory
ALUMINIUM
BUY ALUMINIUM MAY @ 236 SL 234 TGT 238-240. MCX
OBSERVATIONS
Aluminium trading range for the day is 234.8-240.6.
Aluminium fell amid rising U.S. debt concerns and weakening global economic outlook
Global primary aluminium output in April rose 2.2% year on year to 6.033 million tonnes
China's Jan–Apr aluminium production jumped 3.4%, pressuring market sentiment further
COPPER
BUY COPPER MAY @ 856 SL 852 TGT 862-866. MCX
OBSERVATIONS
Copper trading range for the day is 849-867.6.
Copper rises on short covering after demand fears and surplus hit prices
Industrial inputs pulled back after the Federal government got closer to passing a bill that would increase its budget deficit.
International Copper Study Group doubling its forecast on this year's surplus to nearly 300,000 tonnes.
ZINC
BUY ZINC MAY @ 259 SL 257 TGT 261-263. MCX
OBSERVATIONS
Zinc trading range for the day is 258.1-262.5.
Zinc rises as global surplus shrinks to 23,700 tons in March from 75,900 in Feb.
Support also seen as macro-driven risk aversion eased as Sino-US trade tensions temporarily subsided
However upside seen limited amid persistent concerns over global manufacturing and easing supply constraints..
