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Aluminium

BUY ALUMINIUM JUN @ 373 SL 370 TGT 376-378. MCX

Observations

Aluminium trading range for the day is 370.2-380.6.

Aluminium gains as Norsk Hydro declares new force majeure on Qatar aluminium

J.P. Morgan reiterates $4,000/t target for aluminum

Total aluminium stocks in LME-registered warehouses remained at a multi-year low.

Copper

BUY COPPER JUN @ 1330 SL 1320 TGT 1340-1350. MCX

Observations

Copper trading range for the day is 1321.2-1348.

Copper climbed as rising optimism over a potential US-Iran peace agreement eased concerns about global growth.

Stronger-than-expected US inflation data bolstered bets for a Federal Reserve interest rate hike later this year.

Jefferies expects copper prices to stay elevated for longer, citing an average annual supply deficit of 491,000 tons through 2030.

Zinc

BUY ZINC JUN @ 367 SL 364 TGT 370-372. MCX

Observations

Zinc trading range for the day is 362.2-372.8.

Zinc gains amid easing oil prices and a wave of optimism that a peace deal between the U.S. and Iran may be within reach.

Prices also gained supported by tightening supply conditions following recent disruptions.

Factory-gate inflation in China, rose for a third straight month in May to its highest since 2022.