Sell Aluminum Jul @ 330 SL 333 TGT 327-325. MCX - Kedia Advisory
Aluminium
SELL ALUMINIUM JUL @ 330 SL 333 TGT 327-325. MCX
Observations
Aluminium trading range for the day is 324.1-337.1.
Aluminium slipped on an easing of fears that weekend tit-for-tat strikes between the U.S. and Iran would escalate.
Premium for cash aluminium contract on the LME has flipped from a 19-year high over the three-month forward to a discount.
Aluminium inventories in warehouses monitored by the Shanghai Futures Exchange fell 2.7% from last release on Jun 18.
Copper
SELL COPPER JUL @ 1260 SL 1270 TGT 1250-1240. MCX
Observations
Copper trading range for the day is 1245.7-1278.7.
Copper dropped as expectations of tighter Fed policy continued to weigh on the outlook for industrial metals demand.
Profit growth at China’s industrial firms eased to 21.1% in May from a year earlier, compared with a 24.7% rise in April.
LME copper stocks trickled down to 339,100 tons, the lowest since March 15.
Zinc
SELL ZINC JUL @ 360 SL 363 TGT 357-355. MCX
Observations
Zinc trading range for the day is 352.8-363.6.
Zinc dropped as the US Federal Reserve's hawkish stance and a stronger US dollar continued to pressure industrial metals.
The cash-to-three-month spread for zinc was last recorded at a backwardation of $13 per tonne on the LME.
However downside seen limited supported by tight near-term supply conditions.
