06-09-2023 11:44 AM | Source: Kedia Advisory
Aluminium trading range for the day is 202.6-208.6 - Kedia Advisory
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Aluminium

Observation

Aluminium trading range for the day is 202.6-208.6

Aluminum gains supported by hopes of stimulus from China.

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

Observation

Copper trading range for the day is 714.6-731.2

Copper gains on hopes of China’s stimulus measures

LME on-warrant copper inventory dropped 19.9%, the biggestdaily slump since October 2022

Global manufacturing PMI for May continued to fall MoM

 

Zinc

Observation

Zinc trading range for the day is 212-218

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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