SELL ALUMINIUM MAR @ 342 SL 345 TGT 339-337. MCX - Kedia Advisory
Aluminium
SELL ALUMINIUM MAR @ 342 SL 345 TGT 339-337. MCX
Observations
Aluminium trading range for the day is 336.3-349.3.
Aluminium dropped as China aluminium production up 3.0 % to 7.53 mln metric tons in Jan – Feb
Guinea considered imposing bauxite export quotas, stoking feedstock supply concerns.
LME aluminum at 440,300 mt, down by 0.56% from previous day and down by 2.66% over the past week.
Copper
SELL COPPER MAR @ 1182 SL 1190 TGT 1172-1162. MCX
Observations
Copper trading range for the day is 1164.8-1192.8.
Copper dipped as London Metal Exchange inventories climbed to their highest in 6-1/2 years.
Copper stocks in LME warehouses rose to 330,375 tons, the most since late August 2019.
The cash LME copper contract was at a steep $102 a ton discount to the three-month forward, indicating no shortage of metal.
Zinc
SELL ZINC MAR @ 320 SL 323 TGT 317-315. MCX
Observations
Zinc trading range for the day is 314.9-326.1.
Zinc dropped as 21,625 tons of deliveries into Singapore took LME zinc stocks to their highest since July.
Pressure also seen as surging oil prices due to the conflict in the Middle East fuelled fears about inflation and global growth prospects.
China's industrial output rose 6.3% year-on-year in January-February and fixed asset investment rose 1.8%.
