Sell Aluminium MAY @ 377 SL 380 TGT 374-371. MCX - Kedia Advisory
Aluminium
SELL ALUMINIUM MAY @ 377 SL 380 TGT 374-371. MCX
Observations
Aluminium trading range for the day is 369.9-382.5.
Aluminium gains as the continued blockage of the Strait of Hormuz threatens a prolonged disruption to Middle Eastern supply.
The global aluminium market is already experiencing a "black swan" supply shock due to disruptions stemming from the war
LME aluminium inventory continued to decline, with the latest level at 393,800 mt, reinforcing supply concerns.
Copper
SELL COPPER MAY @ 1298 SL 1308 TGT 1288-1278. MCX
Observations
Copper trading range for the day is 1288.3-1309.9.
Copper climbed as investors balanced Middle East risk with improving China demand
Global smelters are entering a concentrated maintenance period in Q2, which is tightening the supply side.
Copper inventories in warehouses monitored by the Shanghai Futures Exchange fell 16.3 % from last Friday.
Zinc
SELL ZINC MAY @ 347 SL 350 TGT 344-342. MCX
Observations
\Zinc trading range for the day is 341.3-355.7.
Zinc dropped on profit booking after prices gained by continued declines in LME zinc ingot inventory.
Support also seen amid improved macro sentiment, a softer dollar, and optimism after Iran announced passage through the Hormuz.
Zinc concentrate TCs continued to decline, signaling tighter raw material conditions that are supportive for zinc prices.
