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Aluminium

OBSERVATIONS

Aluminium trading range for the day is 230.9-235.3.

Aluminium dropped as China's production is closing record highs as idled capacity ramps up in Yunnan.

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 @ 234 SL 236 TGT 231-229. MCX

Copper

OBSERVATIONS

Copper trading range for the day is 860.8-882.8.

Copper prices dropped amid persisting weak demand signals from China.

Lacklustre demand in China has led to an inventory build-up.

Investors are hoping that additional stimulus measures will be announced at China's key third plenum meeting on July 15-18.

SELL COPPER JUL @ 873 SL 878 TGT 867-862. MCX

Zinc

OBSERVATIONS

Zinc trading range for the day is 268.2-278.

Zinc dropped as inventory in the Shanghai Bonded Zone was 15,000 mt, up 1,500 mt WoW.

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 @ 273 SL 276 TGT 270-267. MCX