Buy Aluminium May @ 238 SL 236 TGT 240-242. MCX - Kedia Advisory
Aluminium
BUY ALUMINIUM MAY @ 238 SL 236 TGT 240-242. MCX
OBSERVATIONS
Aluminium trading range for the day is 235.6-242.2.
Aluminium dropped amid increased inventories and an uncertain macroeconomic backdrop.
Open tonnage of aluminium in LME inventories surged by nearly 93,000 tonnes overnight to 343,025 tons.
Global primary aluminium output in April rose 2.2% year on year to 6.033 million tonnes – IA
Copper
BUY COPPER MAY @ 855 SL 850 TGT 860-865. MCX
OBSERVATIONS
Copper trading range for the day is 851-867.6.
Copper dropped amid risks to manufacturing demand and ample supply in America.
Pressure also seen due to ongoing uncertainties about economic growth stemming from tariffs.
Strong South American ore output raised surplus fears, prompting traders to unwind US long positions.
Zinc
BUY ZINC MAY @ 259 SL 257 TGT 261-263. MCX
OBSERVATIONS
Zinc trading range for the day is 257.1-263.1.
Zinc fell on global manufacturing concerns and signs of easing supply constraints.
Temporary US-China trade calm and soft US inflation data revived rate cut hopes.
Zinc smelter maintenance tightened spot supply, but not enough to sustain price support.
