Aluminium trading range for the day is 202.5-207.3 - Kedia Advisory
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Aluminium
Observations
Aluminium trading range for the day is 202.5-207.3
Aluminium dropped driven by production resumption in Guizhouand Sichuan
China’s operating aluminium capacity rose to 40.92 million mt atthe end of May
China’s aluminium output rose 1% year-on-year to around 3.47million mt in May
Copper
Observations
Copper trading range for the day is 712.7-730.3
Copper gains as SHFE inventories were 66% lower than lateFebruary.
LME on-warrant copper inventory dropped 19.9%, the biggestdaily slump since October 2022
Global manufacturing PMI for May continued to fall MoM
Zinc
Observations
Zinc trading range for the day is 207-213
Zinc gains on hopes of stimulus measures from top metalsconsumer China.
China will likely further cut banks' reserve ratio and interest ratesin the second half of this year to support the economy.
Some smelters in Henan reduced production due to highsulphuric acid inventories
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