Buy Zinc JUN @ 270 SL 267 TGT 273-276. MCX - Kedia Advisory
ALUMINIUM
OBSERVATIONS
Aluminium trading range for the day is 235.3-245.9.
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 @ 240 SL 237 TGT 243-245. MCX
COPPER
OBSERVATIONS
Copper trading range for the day is 881.2-910.8.
Copper prices dropped as physical demand in China, has been dampened.
China's refined copper production in April rose 9.2% from the prior year to 1.14 million metric tons
Copper inventory remained at a four-year high in China.
BUY COPPER JUN @ 888 SL 884 TGT 893-898. MCX
ZINC
OBSERVATIONS
Zinc trading range for the day is 267-276.2.
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 @ 270 SL 267 TGT 273-276. MCX
