Sell Aluminium Feb @ 310 SL 312 TGT 308-306. MCX - Kedia Advisory
Aluminium
SELL ALUMINIUM FEB @ 310 SL 312 TGT 308-306. MCX
Observations
Aluminium trading range for the day is 303-311.4.
Aluminium gains as South32, confirmed its Mozal aluminum plant in Mozambique will enter care and maintenance next month.
Support also seen as tightening global supply coincided with growing demand.
However, upside seen limited after a report that U.S.
President Donald Trump plans to scale back some tariffs on aluminum goods.
Copper
SELL COPPER FEB @ 1190 SL 1200 TGT 1180-1170. MCX
Observations
Copper trading range for the day is 1143.8-1203.4.
Copper prices gained on short covering as investors stepped in to buy the dip amid thin trade volumes.
Copper stocks in LME-approved warehouses increased for a 12th straight day to 224,625 tons, the highest in 11 months.
The cash LME copper contract was trading at a $100 a ton discount to the three-month forward contract.
Zinc
SELL ZINC FEB @ 327 SL 330 TGT 324-322. MCX
Observations
Zinc trading range for the day is 317.5-329.5.
Zinc prices gained amid persistent concerns of tight supply.
Goldman Sachs expects the global zinc market to be in a small surplus this year.
A zinc mine in Southwest China suspended production in early February and is expected to resume production in early March
