Buy Aluminum Jul @ 338 SL 335 TGT 341-344 MCX - Kedia Advisory
Aluminium
BUY ALUMINIUM JUL @ 338 SL 335 TGT 341-344. MCX
Observations
Aluminium trading range for the day is 337.2-342.8.
Aluminium gained amid supply concerns and LME stocks were at their lowest levels since 2022.
Morgan Stanley forecasts a smaller aluminum deficit of 1.1 million tons in 2026 versus the previous forecast of 1.8 million tons.
Emirates Global Aluminium said it had restarted its alumina refinery in the United Arab Emirates after a 3-1/2-month outage
Copper
BUY COPPER JUL @ 1292 SL 1285 TGT 1302-1312. MCX
Observations
Copper trading range for the day is 1274.1-1315.7.
Copper prices gained as the dollar eased and falling copper inventories.
Copper stocks in LME warehouses have dropped more than 20% since the end of May to a four-month low of 305,200 tons.
Chile's copper output from major producers fell sharply in May, with Codelco’s production down 18.3% year-on-year to 106,300 metric tons.
Zinc
BUY ZINC JUL @ 373 SL 370 TGT 376-379. MCX
Observations
Zinc trading range for the day is 371.9-377.1.
Zinc dropped as escalating tensions in the Middle East kept inflationary pressures and interest-rate hike expectations in focus.
China's zinc production in May rose 9.40% year-on-year to 64,000 metric tons.
However downside seen limited after reports a fire broke out in a sulphuric acid production unit at a South Korean zinc smelter.
