BUY COPPER JUN @ 1330 SL 1320 TGT 1340-1350. MCX - Kedia Advisory
Aluminium
BUY ALUMINIUM JUN @ 384 SL 381 TGT 387-390. MCX
Observations
Aluminium trading range for the day is 380.1-389.5.
Aluminium gains amid restricted supplies from the Middle East due to the U.S.-Iran war and the closure of the Strait of Hormuz.
EGA’s flagship smelter is expected to take up to a year to return to full capacity.
Guinea's stricter controls on bauxite exports have added to concerns over tighter raw material supplies.
Copper
BUY COPPER JUN @ 1330 SL 1320 TGT 1340-1350. MCX
Observations
Copper trading range for the day is 1306.7-1359.1.
Copper pared gains on profit booking after prices seen supported as stocks in LME approved warehouses fell.
China's refined copper production in April rose 1.60% year-on-year to 1.27 million metric tons
CFTC: For the week to June 2, speculative net long positions in COMEX copper futures rose by 5,156 contracts to 77,131 contracts.
Zinc
BUY ZINC JUN @ 363 SL 360 TGT 366-369. MCX
Observations
Zinc trading range for the day is 360.2-368.8.
Zinc gains supported by tightening supply conditions following recent disruptions.
However upside seen limited as US dollar rose after stronger-than-expected US jobs data.
Zinc inventories in warehouses monitored by the Shanghai Futures Exchange up 0.9% from last Friday, the exchange said.
