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ALUMINIUM

BUY ALUMINIUM JUL @ 330 SL 327 TGT 333-335. MCX

Observations

Aluminium trading range for the day is 329.8-334.6.

Aluminium rose as focus returned to forecasts of shortages created by disruptions to supplies from ME and dwindling stocks.

But even if shipments through the Strait of Hormuz restart, the market is still likely to see a deficit this year.

LME stocks at 295,550 tons are down more than 40% since late January and at their lowest since September 2022.

COPPER

BUY COPPER JUL @ 1285 SL 1275 TGT 1295-1305. MCX

Observations

Copper trading range for the day is 1275.9-1295.7.

Copper steadied as fears of U.S. rate hikes later this year have weighed on metal prices.

Comex Copper stocks at 668,691 short tons or 606,626 metric tons have climbed nearly 600% since then.

Traders are still watching for news about a potential U.S. tariff on imports of refined copper.

ZINC

BUY ZINC JUL @ 369 SL 366 TGT 372-374. MCX

Observations

Zinc trading range for the day is 364-375.2.

Zinc gained supported by signs of strength in the manufacturing sector.

Data released by China, Europe, and the U.S. showed manufacturing strength despite higher input prices.

Zinc inventories in warehouses monitored by the Shanghai Futures Exchange fell 2.2% from last Friday.