Buy Zinc Mar @ 217 SL 215 TGT 220-222. MCX - Kedia Advisory
ALUMINIUM
OBSERVATIONS
Aluminium trading range for the day is 202-205.8.
Aluminium dropped SHFE stocks surged by approximately 80% in February.
However, downside seen limited as upbeat data from China reignited hopes for a surge in demand.
China's primary aluminium output in the first two months of 2024 climbed 5.5% from the same period a year earlier.
BUY ALUMINIUM MAR @ 203 SL 201 TGT 205-206. MCX
COPPER
OBSERVATIONS
Copper trading range for the day is 748.1-769.9.
Copper prices fell as investors locked in profits from the metal's recent rally.
Copper inventory in warehouses tracked by SHFE last week climbed to 286,395 tons, the highest since April 2020.
Comex copper speculators raised their long positions to 69,941 contracts, the highest level in more than 13 months.
BUY COPPER MAR @ 754 SL 749 TGT 760-764. MCX
ZINC
OBSERVATIONS
Zinc trading range for the day is 215.2-222.6.
Zinc dropped as Glencore's Nordenham zinc smelter starts ramping up output
China’s real estate remained a worry as property investment in the same period fell 9%
In February 2024, China's refined zinc output was 502,500 mt, a month-on-month decrease of 64,400 mt or 11.36%.
BUY ZINC MAR @ 217 SL 215 TGT 220-222. MCX
