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Aluminium

Observations

Aluminium trading range for the day is 206.9-208.8

Aluminum steadied as the US debt ceiling agreement was initially formed.

The People’s Bank of China conducted a 7-day reverse repurchase operation of 25 billion yuan

IMF said it expects the global economy to grow 2.9% in 2023, an improvement from the 2.7% it forecast

Copper

Observation

Copper trading range for the day is 709.3-720

Copper gains on mounting supply concerns and expectations of stimulus

Copper supply cannot keep up with expectations of long-term demand

Copper inventories at the Shanghai Futures Exchange fell to under 135 thousand tonnes in May, the lowest this year

Zinc

Observations

Zinc trading range for the day is 210-215

Zinc rose as market jitters eased as debt ceiling agreement was basically reached

The US GDP and employment data in the first quarter showed that the US economy was relatively resilient.

LME zinc stocks jump 40% as excess supply is being stored in LME warehouses

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