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Aluminium

BUY ALUMINIUM MAY @ 364 SL 361 TGT 367-369. MCX

Observations

Aluminium trading range for the day is 356.8-380.2.

Aluminium dropped on profit booking after prices rose as the continued blockage of Hormuz threatens a Middle Eastern supply.

LME cash aluminium contract at a premium of $66 over the three-month benchmark compared with the pre-war discount of $12.

Aluminium stocks at major Japanese ports fell to 279,800 metric tons at the end of March, down about 7.4% from the previous month.

Copper

BUY COPPER MAY @ 1270 SL 1260 TGT 1285-1295. MCX

Observations

Copper trading range for the day is 1245.1-1314.5.

Copper prices fell due to a stronger dollar, concerns about global economic growth and fears over inflation.

The Middle East uncertainty and softer activity in top metals consumer China weigh on the demand outlook for copper.

Anglo American reported Q1 2026 copper production of 170,400 tonnes, up 1% year on year.

Zinc

BUY ZINC MAY @ 340 SL 337 TGT 343-346. MCX

Observations

Zinc trading range for the day is 336.9-349.1.

Zinc prices dropped as Swedish miner Boliden said production at its Garpenberg zinc mine will be resumed in the second quarter.

Zinc price has already risen too high, expects another slight correction before it starts to rise again in the medium term - Commerzbank

Falling LME inventories and a narrowing Cash-3M contango signaled a firmer market structure.