Buy Aluminum JUN @ 373 SL 370 TGT 376-378. MCX - Kedia Advisory
Aluminium
BUY ALUMINIUM JUN @ 373 SL 370 TGT 376-378. MCX
Observations
Aluminium trading range for the day is 369.4-378.6.
Aluminium gains on continued concern about a prolonged conflict creating shortages.
Total aluminium stocks in LME-registered warehouses remained at a multi-year low.
Guinea's stricter controls on bauxite exports have added to concerns over tighter raw material supplies.
Copper
BUY COPPER JUN @ 1320 SL 1310 TGT 1330-1340. MCX
Observations
Copper trading range for the day is 1295.2-1345.2.
Copper gained as LME copper stocks decreased by 31,425 tons i.e. over 7% to 369,575 tons, the lowest level since May 11.
Some support also seen continued speculation about possible U.S. import tariffs on refined copper.
Jefferies expects copper prices to remain higher for longer than previously projected.
Zinc
BUY ZINC JUN @ 362 SL 359 TGT 365-367. MCX
Observations
Zinc trading range for the day is 354-370.8.
Zinc gained supported by tightening supply conditions following recent disruptions.
Goldman Sachs said Boliden's Garpenberg mine could "structurally reset to a lower production level for longer" following a seismic event in March.
Factory-gate inflation in China, rose for a third straight month in May to its highest since 2022.
