Buy Aluminum Jun @ 344 SL 341 TGT 347-349. MCX - Kedia Advisory
Aluminium
BUY ALUMINIUM JUN @ 344 SL 341 TGT 347-349. MCX
Observations
Aluminium trading range for the day is 336.5-357.3.
Aluminium fell as US granted Iran a 60-day sanctions waiver following initial peace talks, improving supply prospects.
With easing worries about the availability, the premium for LME cash over 3M forwards swung to a discount at $8.5 a ton.
Global aluminium output falls 1.7% year on year in May – IAI
Copper
BUY COPPER JUN @ 1275 SL 1265 TGT 1285-1295. MCX
Copper trading range for the day is 1254.6-1322.6.
Copper fell on worries of potential growth headwinds from a Federal Reserve interest rate hikes
China May refined copper output rises 2.2% y/y
Copper inventories in warehouses monitored by the SHFE fell 23.6% last week.
Zinc
BUY ZINC JUN @ 360 SL 357 TGT 363-366. MCX
Observations
Zinc trading range for the day is 356.3-372.9.
Zinc dropped as market sentiment improved following progress in US–Iran talks.
Pressure also seen due to expectations that the Federal Reserve would take more aggressive action to tackle inflation.
China's zinc production in May rose 9.40% year-on-year to 64,000 metric tons
