Base metal pack started this week with a slowly and were
trading in red zone yesterday. This morning was a different story and we saw
entire base metal pack shining in green
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| Copper, Zinc, Lead and Aluminium trading tips - Generatebucks.com |
Look at the market since morning Copper, Zinc, Aluminium and
lead are all up at MCX and we see traders reacting to the positive sentiments in
the market. With China announcing tax cut for manufactures from next month, we
can expect a boom in the market.
China will cut value-added tax for manufacturing and other
sectors on April 1, Premier Li Keqiang said on Friday, adding that cuts in
taxes and fees remained a key measure to cope with downward pressure on its
economy.
Copper
Copper was seen trading in consolidation mode for past few
weeks but it seems that after the announcement on tax cut by Chinese government,
there has been positive sentiments in the market. Due to this we can see
bullish traders in the market.
With progress on US-China trade war, we can assume growth in
the market and this would also impact base metals.
Prices of copper are further expected to rise and this rally
may continue this week. Looking at positive sentiment, I expect prices to touch
atleast 455 this week.
Intraday – I would suggest going long in Copper at 446 for target
of 452 with stop loss of 442.
Zinc
Zinc has been quite volatile. Today morning was a new day
for Zinc prices. Zinc was trading in green zone with high of 196 on MCX.
Fundamentals have been supporting Zinc prices. With LME
stocks constantly falling and still no sign of metal coming back to LME
warehouses, we can expect prices to rally.
Zinc is expect to rally till 201 in upcoming sessions and an
investor will have to follow strict stop loss since Zinc counter has been quite
volatile.
Trading tip – Buy zinc at 194.50 for target of 198 with stop
loss of 193.
Lead
Buy Lead at 139 for target of 142 with stop loss of 137.50
Aluminium
Buy Aluminium at 147 for a short target of 149 and stop loss
of 146.
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