IGI Logo

Aluminium

OBSERVATIONS

Aluminium trading range for the day is 226.6-231.8.

Aluminium dropped as disappointing economic data in top consumer China dampened market sentiment.

China’s increased production by 5% year-on-year to 3.65 million metric tons in May

Domestic alumina supply has struggled to keep up with demand from the smelter restarts in Yunnan.

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

Copper

OBSERVATIONS

Copper trading range for the day is 842.6-881.

Copper slipped amid poor demand prospects particularly in China.

China's leaders will aim to boost growth with stimulus at their third plenum meeting on July 15-18.

LME Stocks jumped 11,300 tons taking the total to 206,775 tons, the highest since October 2021

SELL COPPER JUL @ 859 SL 863 TGT 855-852. MCX

Zinc

OBSERVATIONS

Zinc trading range for the day is 270-278.4

Zinc dropped amid China's refined zinc output in May 2024 up 6.26% MoM

China's MMG Ltd has halted operations at a mill at its Dugald River zinc mine in Australia for about two months of repair work.

Zinc inventories in warehouses registered with LME rebounded 9% to their highest level in nearly three months

SELL ZINC JUL @ 275 SL 278 TGT 272-270. MCX