Aluminium trading range for the day is 207-209.9 - Kedia Advisory
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Aluminium
Observations
Aluminium trading range for the day is 207-209.9
Aluminium gains as ingot social inventories in China continued to fall.
China manufacturing unexpectedly grows: Caixin
The S&P Global US Manufacturing PMI was revised slightly lower to 48.4 in May of 2023 from a preliminary of 48.5
Copper
Observations
Copper trading range for the day is 708.1-721.9
Copper gains supported by unexpected growth in factory activity in China
Support also seen after vote of approval from the U.S. House of Representatives to suspend the debt ceiling.
ING expects copper prices to remain volatile in the coming days, reacting to any policy change in China
Zinc
Observations
Zinc trading range for the day is 204-211
Zinc gains as China posted a surprising growth in factory activities
In the zinc market, LME on-warrant stocks fell to 78,650 tonnes.
The total LME inventories of zinc are at a one-year peak following growth since May 23, indicating surpluses.
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