Buy Zinc Jan @ 275 SL 273 TGT 277-279. MCX - Kedia Advisory
Aluminium
Observations
Aluminium trading range for the day is 237.5-244.9.
Aluminium dropped as reflecting limited optimism of a recovery in China’s economy.
However downside seen limited on worries about supplies on the LME market.
The discount for the cash contract over three-month aluminium to around $19 a ton from more than $40 in December.
BUY ALUMINIUM JAN @ 240 SL 238 TGT 242.5-244. MCX
Copper
Observations
Copper trading range for the day is 787.3-803.7.
Copper gains buoyed by expectations of more proactive Chinese policies to promote growth.
China's gross domestic product is expected to grow by around 5% in 2024, President Xi Jinping said
China has struggled to recover amid weak consumption and a protracted property crisis.
BUY COPPER JAN @ 792 SL 788 TGT 796-800. MCX
Zinc
Observations
Zinc trading range for the day is 271.5-284.7.
Zinc dropped amid expectations of a deteriorating demand outlook were reinforced by weak manufacturing activity.
China's factory activity grew in December but at a slower-than-expected pace.
Manufacturers in the euro zone ended last year on a sour note, with factory activity declining at a faster rate
BUY ZINC JAN @ 275 SL 273 TGT 277-279. MCX