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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