Aluminium trading range for the day is 194.3-196.5 - Kedia Advisory
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Aluminium
Observation
Aluminium trading range for the day is 194.3-196.5
Aluminium gains on heightened expectations for economicstimulus measures in China
Western European production has been sliding steadily over thelast 15 years
Aluminium smelters in China's southwestern Yunnan provincehave started to ramp up production
Copper
Observation
Copper trading range for the day is 710.3-728.4
Copper gains as LME stocks fell to their lowest since April
Copper inventories in warehouses monitored by the SHFE rose 9.3% from last Friday
BofA cuts 2023 copper prices to $8,788/t from $9,427/t; 2024 target to $9,750/t from $9,875/t
Zinc
Observation
Zinc trading range for the day is 213-216
Zinc dropped amid demand uncertainty in China
BofA cuts zinc price forecast to $2,603/t in 2023 ($2,905/t previously); 2024 forecast cut to $2,375/t ($2,500/t previously)
Global zinc market surplus fell to 12,500 metric tons in April, down from 65,000 tons a month earlier
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