Sell Aluminium May @ 387 SL 390 TGT 384-382. MCX - Kedia Advisory
ALUMINIUM
SELL ALUMINIUM MAY @ 387 SL 390 TGT 384-382. MCX
Observations
Aluminium trading range for the day is 380.2-389.8.
Aluminium dropped as a firmer dollar and sticky U.S. inflation continued to weigh.
However, downside seen limited as the Iran war disrupted supply from producers in the Middle East.
LME data showed that on-warrant aluminium stocks in the LME-registered warehouses fell to 301,725 tons.
COPPER
SELL COPPER MAY @ 1390 SL 1400 TGT 1380-1370. MCX
Observations
Copper trading range for the day is 1370.4-1405.8.
Copper prices dropped on profit-taking after higher-than-expected U.S. inflation data strengthened the dollar.
However, downside seen limited amid concerns over mine supply, tight inventories.
Markets are closely watching the meeting between US President Donald Trump and Chinese President Xi Jinping
ZINC
SELL ZINC MAY @ 369 SL 372 TGT 366-364. MCX
Observations
Zinc trading range for the day is 358.6-375.8.
Zinc gains after another incident at a smelter exacerbated supply fears.
Nexa Resources said operations at its 344,400 ton per year Cajamarquilla zinc smelter in Peru, had been temporarily suspended.
Glencore-owned Kazzinc said its zinc and lead plants in eastern Kazakhstan were operating at a reduced capacity.
