Aluminium trading range for the day is 203.1 204.9 - Kedia Advisory
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Aluminium
Observations
Aluminium trading range for the day is 203.1-204.9
Aluminium gains on China's decision to cut borrowing cost
Investor sentiment was aided by China's financial boost
China's central bank upbeat on Q2 GDP growth, confident on 2023 targets
Copper
Observations
Copper trading range for the day is 715.8-737.9
Copper rose the central bank of China lowered a short-term lending rate.
On-warrant copper stocks in LME-registered warehouses dropped to a two-month low of 41,375 tonnes.
Providing support, a fire overnight at Sweden's Ronnskar smelter has halted output until further notice.
Zinc
Observations
Zinc trading range for the day is 211-218
Zinc rose as a growing number of smelters undertaking maintenance.
China will likely further cut banks' reserve ratio and interest rates in the second half of this year to support the economy.
Some smelters in Henan reduced production due to high sulphuric acid inventories.
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