Buy Aluminum Jun @ 357 SL 354 TGT 360-363. MCX- Kedia Advisory
Aluminium
BUY ALUMINIUM JUN @ 357 SL 354 TGT 360-363. MCX
Observations
Aluminium trading range for the day is 351-368.8.
Aluminium gains as stocks in LME warehouses are at 316,525 tons, the lowest since September 2022.
The Middle East conflict forced several smelters in the Gulf region, to cut production and disrupted shipping.
J.P. Morgan said it still expects aluminum prices to ultimately rise toward $4,000 and now sees prices averaging $3,750 in the second half.
Copper
BUY COPPER JUN @ 1335 SL 1325 TGT 1345-1355. MCX
Observations
Copper trading range for the day is 1329.3-1347.7.
Copper edged higher supported by the U.S.-Iran peace deal, while expectations of a hawkish shift from the Federal Reserve capped gains.
U.S. consumer sentiment improved in early June as gasoline prices eased from recent highs, but inflation expectations remained elevated.
Jefferies expects copper prices to stay elevated for longer than previously anticipated, citing an average annual supply deficit of 491,000 tons through 2030.
Zinc
BUY ZINC JUN @ 368 SL 365 TGT 371-374. MCX
Observations
Zinc trading range for the day is 363.7-374.7.
Zinc gains on optimism over the peace deal, its gains capped by expectations that the U.S. Federal Reserve.
Prices also seen supported by tightening supply conditions following recent disruptions.
However, upside seen limited amid signs of weak demand in China amid falling retail sales data and fixed-asset investment fell 4.1%.
