Aluminium trading range for the day is 204-209.8 - Kedia Advisory
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Aluminium
Observations
Aluminium trading range for the day is 204-209.8
Aluminum gained on low level recovery after prices dropped on weaker Chinese data
Globally, jitters around the U.S. debt ceiling negotiation and recession risks also muted investors' risk sentiment.
Commerzbank sees aluminium reaching $2,600 per ton by 2023 end
Copper
Observations
Copper trading range for the day is 702.3-713.4
Copper fell after China factory activity shrank faster than expected
Chile copper output down 1% in April
Commerzbank forecasts copper prices to reach $9,000/t at 2023
Zinc
Observations
Zinc trading range for the day is 203-210
Zinc dropped as inventories in LME have nearly doubled since last week
Steady arrivals of metal into storage facilities indicate there are surpluses.
LME data showed that zinc deposited in LME warehouses has surged to 87,500 tonnes, up 92% since Tuesday last week
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