Sell Aluminum Jun @ 356 SL 359 TGT 353-351. MCX - Kedia Advisory
Aluminium
SELL ALUMINIUM JUN @ 356 SL 359 TGT 353-351. MCX
Observations
Aluminium trading range for the day is 349.7-362.7.
Aluminium come under pressure on expectations of rising shipments from the Middle East.
Aluminium prices have dropped 10% since early June when fears about Middle East supplies and global shortages peaked.
Rising output in China, the world’s largest producer, and increasing supply from smelters in Indonesia.
Copper
SELL COPPER JUN @ 1320 SL 1330 TGT 1310-1300. MCX
Observations
Copper trading range for the day is 1303.2-1327.
Copper gains as the pullback in energy prices improved the outlook for broad manufacturing demand.
Iran stated that start of discussions with the US were promising to follow up on their memorandum of understanding signed in the previous week.
Rio Tinto resumed exports of copper concentrate from its giant Oyu Tolgoi mine in Mongolia.
Zinc
SELL ZINC JUN @ 372 SL 375 TGT 369-366. MCX
Observations
Zinc trading range for the day is 364.1-374.3.
Zinc gained boosted by optimism that initial U.S.-Iran talks could pave the way for a deal to end the war.
Prices also gained supported by tight near-term supply conditions.
U.S. and Iranian officials made “encouraging progress”, agreeing a 60-day roadmap towards ending the war.
