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Buy Zinc May @ 252 SL 250 TGT 255-257. MCX - Kedia Advisory
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ALUMINIUM
OBSERVATIONS
Aluminium trading range for the day is 233.6-238.
Aluminium prices dropped amid slower manufacturing activity growth in top consumer China.
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 @ 235 SL 233 TGT 237-239. MCX
COPPER
OBSERVATIONS
Copper trading range for the day is 850-861.
Copper dropped as the global copper market faces a surplus of 162,000 tons this year
SHFE Copper inventories above 287,000 tons from around 33,000 tons at the start of this year
The Yangshan premium dropping to a record low near zero signals waning appetite for Chinese copper imports.
BUY COPPER MAY @ 852 SL 847 TGT 857-860. MCX
ZINC
OBSERVATIONS
Zinc trading range for the day is 249.7-257.9.
Zinc dropped with supply to rise as Nyrstar's Budel smelter will resume production
Data showed that China's refined zinc production was 525,500 mt, an increase of 4.57% month-on-month
Global zinc consumption will likely rise by 2.6 per cent in 2024 but it will be outweighed by sluggish growth in the world economy
BUY ZINC MAY @ 252 SL 250 TGT 255-257. MCX
