Buy Copper May @ 852 SL 848 TGT 856-860. MCX - Kedia Advisory
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ALUMINIUM
OBSERVATIONS
Aluminium trading range for the day is 231.4-241.
Aluminium dropped on profit booking after prices gained on supply concerns.
LME aluminium stocks reduced to 171,200 tonnes, representing the weakest level since August 2022.
China's March aluminium imports jump 90% on – year
BUY ALUMINIUM MAY @ 234 SL 232 TGT 236-238. MCX
COPPER
OBSERVATIONS
Copper trading range for the day is 838-864.4.
Copper prices gains due to investment fund inflow and forecasted market deficit.
Goldman Sachs predicts global refined copper market deficit of 428,000 tons in 2024.
Yangshan premium drops to zero in China, indicating weak copper import appetite.
BUY COPPER MAY @ 852 SL 848 TGT 856-860. MCX
ZINC
OBSERVATIONS
Zinc trading range for the day is 242.7-260.3.
Zinc prices gained amid worries about supply
Research agency BMI, said refined zinc production growth will continue to rebound in 2024.
The anticipated resumption of Glencore’s Nordenham smelter and Norway’s Odda mine expansion later in the year is set to bolster global zinc production.
BUY ZINC MAY @ 251 SL 249 TGT 254-256. MCX
