Sell Aluminum Jun @ 358 SL 361 TGT 355-352. MCX - Kedia Advisory
Aluminium
SELL ALUMINIUM JUN @ 358 SL 361 TGT 355-352. MCX
Observations
Aluminium trading range for the day is 352.6-360.8.
Aluminium fell as an interim US-Iran peace deal eased supply concerns.
Additional downside risks come from rising output in China, and increasing supply from smelters in Indonesia.
Weak economic data from China has raised concerns over demand as the country is also one of the biggest consumers of the metal.
Copper
SELL COPPER JUN @ 1330 SL 1340 TGT 1320-1310. MCX
Observations
Copper trading range for the day is 1311.8-1339.2.
Copper dropped after Fed left interest rates unchanged but signaled increasing support for rate hikes later this year.
Pressure also seen after Rio Tinto resumed exports of copper concentrate from its giant Oyu Tolgoi mine in Mongolia.
China's central bank has instructed banks to boost lending, in a further boost to copper market sentiment.
Zinc
SELL ZINC JUN @ 372 SL 375 TGT 369-367. MCX
Observations
Zinc trading range for the day is 364-375.2.
Zinc gains supported by easing geopolitical tensions and tight near-term supply conditions.
However, upside seen limited as the US dollar strengthened amid increased bets on a Federal Reserve rate hike, pressuring the prices.
Glencore’s Kazzinc facility in Kazakhstan is running at reduced capacity after an explosion
