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Aluminium

OBSERVATIONS

Aluminium trading range for the day is 225.7-231.9.

Aluminium dropped amid signs of ample supply magnified the pressure from muted demand.

Global primary aluminium output rose 3.4% year on year to 6.1 million tons in May

China aluminium production up 7.2 % to 3.65 mln tonnes in May

BUY ALUMINIUM JUL @ 227 SL 225 TGT 229-231. MCX

Copper

OBSERVATIONS

Copper trading range for the day is 826.4-845.8.

Copper prices dropped amid an uncertain global demand outlook and rising inventories.

Chinese copper inventories also held near their highest since 2020 in June

The latest PMI reports have so far pointed to a poor outlook for manufacturing in major economies

BUY COPPER JUL @ 832 SL 827 TGT 838-842. MCX

Zinc

OBSERVATIONS

Zinc trading range for the day is 261.6-268.2.

Zinc dropped as industrial output in China slowed more than expected in May, adding to the signs of poor industrial demand.

The global zinc market surplus fell to 22,100 metric tons in April from 70,100 tons in March.

In China, zinc concentrate imports decreased by 24% in the first four months of this year compared to the previous year.

BUY ZINC JUL @ 262 SL 260 TGT 265-268. MCX