Sell Aluminum Jun @ 359 SL 362 TGT 356-353. MCX - Kedia Advisory
Aluminium
SELL ALUMINIUM JUN @ 359 SL 362 TGT 356-353. MCX
Observations
Aluminium trading range for the day is 353.8-360.6.
Aluminium gains as aluminium stocks in LME warehouses are at the lowest since September 2022.
Goldman Sachs raised its average aluminium price forecast, assuming Middle East production will face a slower recovery.
Goldman sees the global aluminium market tightening more than previously expected, projecting a larger deficit in 2026.
Copper
SELL COPPER JUN @ 1315 SL 1325 TGT 1305-1295. MCX
Observations
Copper trading range for the day is 1289.7-1326.5.
Copper edged down as expectations of higher-for-longer U.S. interest rates weighed on the market.
Pressure also seen after Rio Tinto resumed exports of copper concentrate from its giant Oyu Tolgoi mine in Mongolia following a brief protest-related disruption.
SHFE copper stocks of 143,875 tons are the lowest since December after a 23.6% drop from last week.
Zinc
SELL ZINC JUN @ 368 SL 371 TGT 365-363. MCX
Observations
Zinc trading range for the day is 362.4-373.
Zinc dropped after peace talks between US and Iran were postponed and the dollar struck a one-year high.
The global zinc market surplus narrowed to 26,500 metric tons in April from 56,300 tons in March
Zinc inventories in warehouses monitored by the Shanghai Futures Exchange fell 1.2% from last Friday.
