Sell Aluminium APR @ 356 SL 359 TGT 353-351. MCX - Kedia Advisory
Aluminium
SELL ALUMINIUM APR @ 356 SL 359 TGT 353-351. MCX
Observations
Aluminium trading range for the day is 348-358.8.
Aluminium fell amid a stronger dollar and mounting concerns over a potential economic recession.
The cash LME aluminium contract was trading at a steep $69 a ton premium over the three-month forward.
Aluminium inventories in warehouses monitored by the Shanghai Futures Exchange rose 3.4% from last Friday.
Copper
SELL COPPER APR @ 1165 SL 1175 TGT 1155-1145. MCX
Observations
Copper trading range for the day is 1137.5-1171.7.
Copper slipped weighed by abundant supply and rising inventories, with LME stockpiles near six-year highs.
LME copper stocks of 364,450 tons are the highest in almost eight years.
Copper inventories in warehouses monitored by the Shanghai Futures Exchange fell 16.2% from last Friday
Zinc
SELL ZINC APR @ 325 SL 328 TGT 322-320. MCX
Observations
Zinc trading range for the day is 316.7-329.1.
Zinc dropped as uncertainty over the duration of the Middle East conflict clouded the demand outlook.
Japan's Mitsui Mining expects H1 zinc output rising 3.2% y/y
Zinc inventories in warehouses monitored by the Shanghai Futures Exchange fell 1.0% from last Friday.
