BUY ALUMINIUM JUN @ 388 SL 385 TGT 391-394. MCX - Kedia Advisory
Aluminium
BUY ALUMINIUM JUN @ 388 SL 385 TGT 391-394. MCX
Observations
Aluminium trading range for the day is 384.2-396.4.
Aluminium dropped on profit booking after prices gained as the market continued to grapple with supply disruptions.
LME inventories dwindled to 335,450 tons, the lowest in almost four years.
EGA’s flagship smelter is expected to take up to a year to return to full capacity, while operations at Bahrain's ALBA remain partially suspended.
Copper
BUY COPPER JUN @ 1370 SL 1360 TGT 1380-1390. MCX
Observations
Copper trading range for the day is 1352.8-1390.8.
Copper gained as LME copper inventories fell to 379,975 tons, the lowest since April 2.
The LME cash-to-three-month copper discount narrowed to just around $4 a ton on June 3 from $77 on May 19
U.S. Department of Commerce is due to make a recommendation to President Donald Trump on copper tariffs by the end of the month.
Zinc
BUY ZINC JUN @ 370 SL 367 TGT 373-375. MCX
Observations
Zinc trading range for the day is 366.9-376.1.
Zinc dropped as concerns over a high-for-longer U.S. interest rate and on hopes for a quick resolution between Washington and Tehran.
ressure also seen as stronger-than-expected U.S. job openings reading weighed on metals, supporting the dollar.
However downside seen limited supported by tightening supply conditions following recent disruptions.
