Buy Copper JUN @ 1352 SL 1342 TGT 1362-1370. MCX - Kedia Advisory
ALUMINIUM
BUY ALUMINIUM JUN @ 385 SL 382 TGT 388-390. MCX
Observations
Aluminium trading range for the day is 381.4-390.4.
Aluminium prices rose as rising prices for the feedstock alumina added to persistent concerns about a tightening market.
Providing support to aluminium was a 5% rise in September alumina futures on SHFE, which advanced to their highest since early May.
World’s largest bauxite producer Guinea is set to announce export control measures in June
COPPER
BUY COPPER JUN @ 1352 SL 1342 TGT 1362-1370. MCX
Observations
Copper trading range for the day is 1351.3-1366.9.
Copper dropped as higher oil prices fuelled concerns over the global economic outlook.
The global refined copper market was in a surplus of 396,000 tons in January-March.
CFTC-COMEX copper speculators raise net long position by 1,476 contracts to 74,999 in week to May 19
ZINC
BUY ZINC JUN @ 366 SL 363 TGT 369-372. MCX
Observations
Zinc trading range for the day is 363.8-373.6.
Zinc dropped on concerns over the global economic outlook as US military operations kept investors cautious
However downside seen limited supported by tightening supply conditions following recent disruptions.
Zinc inventories in warehouses monitored by the Shanghai Futures Exchange rose 1.5% from last Friday.
