BUY ALUMINIUM MAY @ 385 SL 382 TGT 388-390. MCX
Aluminium
BUY ALUMINIUM MAY @ 385 SL 382 TGT 388-390. MCX
Observations
Aluminium trading range for the day is 379.7-394.5
Aluminium prices gained helped by the buying of options by bullish investors betting on further disruptions in the Gulf.
Expectations of large deficits have created backwardations or premiums for nearby aluminium contracts against those with longer maturities
Global primary aluminium output in April fell 2.1% year on year to 5.922 million tonnes - IAI
Copper
BUY COPPER MAY @ 1340 SL 1330 TGT 1350-1360. MCX
Observations
Copper trading range for the day is 1324.6-1362.6.
Copper dropped weighed down by concern over slow progress by the U.S. and Iran in forging a peace deal.
Chile's production is projected to fall 2.0% in 2026 to 5.3 million tons before recovering 4.0% in 2027.
Freeport-McMoRan pushed back against reports that full production at its Grasberg mine in Indonesia could be delayed until 2028.
Zinc
BUY ZINC MAY @ 366 SL 363 TGT 369-371. MCX
Observations
Zinc trading range for the day is 362.2-375.2
Zinc dropped on profit booking as doubts emerged again about near term resolution to the Iranian war pushing oil prices higher again.
The cash LME zinc contract was trading at a $19 a ton discount to the three-month forward, indicating no immediate tightness.
Swedish miner Boliden said production at its Garpenberg zinc mine will be resumed in the second quarter.
