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Aluminium

OBSERVATIONS

Aluminium trading range for the day is 226.5-231.1.

Aluminium dropped as China’s macroeconomic data continues to disappoint

Global primary aluminium output rose 3.4% year on year to 6.1 million tons in May

China aluminium production up 7.2 % to 3.65 mln tonnes in May

SELL ALUMINIUM JUL @ 229.5 SL 231 TGT 227.5-226. MCX

Copper

OBSERVATIONS

Copper trading range for the day is 828.9-857.7.

Copper dropped amid a significant upturn in LME stocks.

SHFE inventories stand at 322,910 tons compared with about 30,000 tons in January

China's imports of copper scrap have increased significantly in the search for alternative to scarce copper ore

SELL COPPER JUL @ 842 SL 847 TGT 836-832. MCX

Zinc

OBSERVATIONS

Zinc trading range for the day is 256.1-260.9.

Zinc gains amid hopes of improved demand in China following recent price drops and supply concerns.

The global zinc market surplus fell to 22,100 metric tons in April from 70,100 tons in March.

In China, zinc concentrate imports decreased by 24% in the first four months of this year compared to the previous year.

SELL ZINC JUL @ 260 SL 263 TGT 257-255. MCX