Buy Zinc JUN @ 275 SL 272 TGT 278-280. MCX - Kedia Advisory
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ALUMINIUM
OBSERVATIONS
Aluminium trading range for the day is 242.3-249.5.
Aluminium gains supported by a strong price rally in alumina and robust demand
Gas shortages drove mining giant Rio Tinto to declare force majeure on alumina cargoes from its Australian refineries, raising concerns about supply.
On-warrant aluminum LME stocks in Port Klang, Malaysia, plunged after the key delivery deadline of May 15th.
BUY ALUMINIUM JUN @ 245 SL 242 TGT 248-250. MCX
COPPER
OBSERVATIONS
Copper trading range for the day is 893.4-918.8.
Copper rose on prospects of global interest rate cuts and a weaker dollar.
Shanghai copper stocks rose by 240% year-on-year, with deliveries into LME warehouses.
Copper stocks in warehouses monitored by the Shanghai Futures Exchange are near four-year highs.
BUY COPPER JUN @ 903 SL 898 TGT 908-912. MCX
ZINC
OBSERVATIONS
Zinc trading range for the day is 272.9-279.5.
Zinc gains as the global zinc market surplus fell to 52,300 metric tons in March.
In April 2024, China's refined zinc output was 504,600 mt, a month-on-month decrease of 3.99%.
In April, the output of domestic smelters declined, mainly due to routine maintenance of smelters.
BUY ZINC JUN @ 275 SL 272 TGT 278-280. MCX
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