Buy Aluminium Jun @ 229 SL 227 TGT 232-234. MCX - Kedia Advisory
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Aluminium
OBSERVATIONS
Aluminium trading range for the day is 226.8-234.
Aluminium dropped amid disappointing May industrial output from China.
China aluminium production up 7.2 % to 3.65 mln tonnes in May
China's May aluminium imports surge 61% year – on – year
BUY ALUMINIUM JUN @ 229 SL 227 TGT 232-234. MCX
Copper
OBSERVATIONS
Copper trading range for the day is 834.6-861.2.
Copper recovered as dollar steadied due to weaker-than-anticipated retail sales data
Exchange data showed a massive copper delivery of 19,175 metric tons to Asian locations.
Inventory at LME-approved warehouses rose to 155,850 tons, indicating lackluster demand.
BUY COPPER JUN @ 848 SL 844 TGT 853-858. MCX
Zinc
OBSERVATIONS
Zinc trading range for the day is 253.6-262.4.
Zinc gains on short covering after prices dropped largely influenced by reduced demand from China.
In China, zinc concentrate imports decreased by 24% in the first four months of this year
compared to the previous year. There has been no recovery so far this year, output sliding another 3% year-on-year in the first quarter.
BUY ZINC JUN @ 258 SL 256 TGT 261-263. MCX
