Buy Aluminum Jul @ 345 SL 342 TGT 348-350. MCX - Kedia Advisory
Aluminium
BUY ALUMINIUM JUL @ 345 SL 342 TGT 348-350. MCX
Observations
Aluminium trading range for the day is 340.1-350.9.
Aluminium gains amid supply concerns and LME stocks were at their lowest levels since 2022.
Global primary aluminium output in June fell 1.5% year-on-year to 5.98 million metric tons - IAI
Aluminium stocks at three major Japanese ports fell to 220,300 metric tons at the end of June,down about 7.8% from the previous month.
Copper
BUY COPPER JUL @ 1330 SL 1320 TGT 1340-1350. MCX
Observations
Copper trading range for the day is 1326.1-1351.9.
Copper dropped on profit booking after prices gained as supply worries and firm Chinese demand.
Copper inventories have fallen in LME-registered warehouses and SHFE-monitored warehouses.
The Yangshan copper premium hit its highest since December 2023 on Tuesday at $109 a ton.
Zinc
BUY ZINC JUL @ 381 SL 378 TGT 384-387. MCX
Observations
Zinc trading range for the day is 373.5-388.5.
Zinc gains as investors weighed diplomatic efforts to de-escalate the US-Iran conflict and their potential impact on oil prices, inflation risks.
The global zinc market surplus declined to 8,700 metric tons in May from 43,400 tons in April - ILSZG
China's cabinet, chaired by Premier Li Qiang, vowed to ensure the economy achieves its full-year growth target after second-quarter GDP growth slowed to 4.3%.
