SELL ZINC MAY @ 365 SL 367 TGT 362-360. MCX - Kedia Advisory
SELL ALUMINIUM MAY @ 380 SL 383 TGT 377-375. MCX
Observations
Aluminium trading range for the day is 372.4-388.2.
Aluminium dropped on profit booking amid signs that high prices are starting to curb demand in China.
Aluminium inventories in warehouses monitored by the Shanghai Futures Exchange rose 3.3% from last Friday.
Reports EGA’s Jebel Ali smelter in the United Arab Emirates is operating at "closer to normal" levels as it recovers from "stress".
Copper
SELL COPPER MAY @ 1350 SL 1360 TGT 1338-1328. MCX
Observations
Copper trading range for the day is 1304.9-1399.1.
Copper prices dropped on profit booking as elevated prices discouraged buying activity in China.
Prices also faced pressure from accelerating US inflation, which reinforced expectations for Fed interest rate hike later this year
Copper stocks in SHFE warehouses are falling and the Yangshan copper premium is up 260% since February.
Zinc
SELL ZINC MAY @ 365 SL 367 TGT 362-360. MCX
Observations
Zinc trading range for the day is 358.6-368.4.
Zinc dropped as a stronger dollar prompted profit-taking while negative sentiment was reinforced by an absence of Chinese buyers.
Zinc inventories in warehouses monitored by the Shanghai Futures Exchange rose 2.9% from last Friday
Nexa Resources said operations at its 344,400 ton per year Cajamarquilla zinc smelter in Peru, had been temporarily suspended.
