Buy Aluminium May @ 385 SL 382 TGT 388-390. MCX - Kedia Advisory
Aluminium
BUY ALUMINIUM MAY @ 385 SL 382 TGT 388-390. MCX
Observations
Aluminium trading range for the day is 383-388.4.
Aluminium gains propelled higher by disrupted supplies from the Middle East, which houses 9% of global smelting capacity.
China's aluminium output rises in April, driven by strong profit
Citi sees aluminium at $4,000/t over next 3 months
Copper
BUY COPPER MAY @ 1350 SL 1340 TGT 1360-1370. MCX
Observations
Copper trading range for the day is 1323-1370.
Copper prices edged higher on hopes that the Iran war was nearing an end and after Chile cut its production outlook.
Copper was supported by news that Chile, cut its production forecast, saying it would fall 2% this year.
Copper stocks in warehouses monitored by the SHFE are falling and the Yangshan copper premium is up 260% since February.
Zinc
BUY ZINC MAY @ 369 SL 366 TGT 372-375. MCX
Observations
Zinc trading range for the day is 363.7-374.1.
Zinc gained supported by tightening supply conditions following recent disruptions.
The global zinc market surplus narrowed to 32,700 metric tons in March from a surplus of 58,700 tons in February.
Zinc stocks on the LME are at 110,875 tons, equivalent to less than three days of global consumption.
