Sell AluminIum Jul @ 232 SL 235 TGT 229-227. MCX - Kedia Advisory
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Aluminium
OBSERVATIONS
Aluminium trading range for the day is 227.2-235.4.
Aluminium dropped as China's production is closing record highs as idled capacity ramps up in Yunnan.
China’s increased production by 5% year-on-year to 3.65 million metric tons in May
Domestic alumina supply has struggled to keep up with demand from the smelter restarts in Yunnan.
SELL ALUMINIUM JUL @ 232 SL 235 TGT 229-227. MCX
Copper
OBSERVATIONS
Copper trading range for the day is 858.1-881.7.
Copper prices dropped amid persisting weak demand signals from China.
China imported 1.61 million tons of refined copper in the first five months of the year
Chinese smelters, have been exporting copper to LME, driving stocks up above 190,000 metric tons for the first time since October.
SELL COPPER JUL @ 872 SL 876 TGT 867-864. MCX
Zinc
OBSERVATIONS
Zinc trading range for the day is 269.1-275.1.
Zinc gains as prospects of stronger demand from China triggered short-covering.
China's MMG Ltd has halted operations at a mill at its Dugald River zinc mine in Australia for about two months of repair work
Zinc inventories in warehouses registered with LME rebounded 9% to their highest level in nearly three months
SELL ZINC JUL @ 273 SL 276 TGT 270-267. MCX
