Buy Copper JUN @ 896 SL 892 TGT 902-906. MCX - Kedia Advisory
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ALUMINIUM
OBSERVATIONS
Aluminium trading range for the day is 239.9-245.5.
Aluminium gains amid setbacks to supply.
Gas shortages drove mining giant Rio Tinto to declare force majeure on alumina cargoes from its Australian refineries, raising concerns about supply.
On-warrant aluminum LME stocks in Port Klang, Malaysia, plunged after the key delivery deadline of May 15th.
BUY ALUMINIUM JUN @ 241 SL 238 TGT 244-246. MCX
COPPER
OBSERVATIONS
Copper trading range for the day is 887.2-909.6.
Copper rose amid property stimulus measures in China
Funds have been buying copper, betting it would be in shortage, as the world needs those metals to transition into a green economy.
Copper inventory remained at a four-year high in China
BUY COPPER JUN @ 896 SL 892 TGT 902-906. MCX
ZINC
OBSERVATIONS
Zinc trading range for the day is 267-278.2.
Zinc gains as the global zinc market surplus fell to 52,300 metric tons in March.
In April 2024, China's refined zinc output was 504,600 mt, a month-on-month decrease of 3.99%.
In April, the output of domestic smelters declined, mainly due to routine maintenance of smelters.
BUY ZINC JUN @ 272 SL 269 TGT 275-278. MCX
