Buy Zinc May @ 263 SL 260 TGT 266-268. MCX - Kedia Advisory
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ALUMINIUM
Observation
Aluminium trading range for the day is 230.6-236.
Aluminium gains on short covering after prices dropped as LME stocks surge to highest since October 2021
Aluminium stocks jumped by a further 131,075 tons to 1,033,625, their highest level since October 2021 and a gain of 115% since last week.
The fresh inflows moved into storage facilities in Port Klang in Malaysia, the same location where last week's inventories arrived.
BUY ALUMINIUM MAY @ 232.5 SL 230.5 TGT 235-237. MCX
COPPER
Observation
Copper trading range for the day is 864.7-900.7.
Copper rose as strong demand and tight supply continued to raise concerns of shortages.
China imported more copper ore inputs despite the sharp increase in prices, underpinning demand from manufacturers.
The low availability of material hampered margins for smelters in China, responsible for over half of global supply
BUY COPPER MAY @ 882 SL 878 TGT 888-892. MCX
ZINC
Observation
Zinc trading range for the day is 261.4-267.2.
Zinc dropped amid decision by Swedish mining giant Boliden to resume production at its Tara zinc mine.
The global zinc market surplus widened to 40,100 metric tons in February from 12,300 tons in January.
Social inventories of zinc ingots across seven major markets in China totalled 212,900 mt, up 1,300 mt
BUY ZINC MAY @ 263 SL 260 TGT 266-268. MCX
