Sell Copper JUN @ 1320 SL 1330 TGT 1310-1300. MCX - Kedia Advisory
ALUMINIUM
SELL ALUMINIUM JUN @ 373 SL 376 TGT 370-367. MCX
Observations
Aluminium trading range for the day is 365.3-379.5.
Aluminium dropped as persistent tensions in Middle East and prospects of higher US interest rates weighed on the demand.
Pressure also started to see on aluminium prices amid concerns about the implications for global economic growth.
Chinese production in April rose 1.5% to 3.68 million tons, data from the International Aluminium Institute (IAI) showed.
COPPER
SELL COPPER JUN @ 1320 SL 1330 TGT 1310-1300. MCX
Observations
Copper trading range for the day is 1297-1335.8.
Copper fell as escalating tensions in the Middle East and growing expectations of central bank interest rate hikes weighed.
Jefferies expects copper prices to remain higher, pointing to an average annual supply deficit of 491,000 tons through 2030.
LME copper stocks decreased by 3,075 tons to 369,975 tons, the lowest level since April 1.
ZINC
SELL ZINC JUN @ 362 SL 365 TGT 358-355. MCX
Observations
Zinc trading range for the day is 355.2-367.
Zinc dropped as hostilities in the Middle East and concerns about the implications for global economic growth weighed.
Factory-gate inflation in China, rose for a third straight month in May to its highest since 2022.
Goldman Sachs said Boliden's Garpenberg mine could "structurally reset to a lower production level for longer"
