SELL COPPER JUN @ 883 SL 888 TGT 877-872. MCX - Kedia Advisory
ALUMINIUM
SELL ALUMINIUM JUN @ 249 SL 251 TGT 247-245. MCX
OBSERVATIONS
Aluminium trading range for the day is 245.2-251.8.
Aluminium rises as U.S. strikes on Iran lift energy costs, a key input for production.
Chinese demand uncertainty and tariff risks cap upside momentum in aluminium prices.
Global primary aluminium output rose 1.5% y/y in May to 6.245 million tonnes: IAI.
COPPER
SELL COPPER JUN @ 883 SL 888 TGT 877-872. MCX
OBSERVATIONS
Copper trading range for the day is 874.9-885.3.
Copper steadied as escalating geopolitical tensions weighed on market sentiment.
Premiums for nearby copper contracts on the LME have jumped to their highest since October 2022 because of low inventories
Copper inventories in warehouses monitored by the Shanghai Futures Exchange fell 1.1% from last Friday
ZINC
SELL ZINC JUN @ 256 SL 258 TGT 254-252. MCX
OBSERVATIONS
Zinc trading range for the day is 251.3-257.3.
Zinc gains as support seen after SHFE inventories fell 5.7%
However upside seen limited amid ongoing uncertainty over the Israel-Iran conflict.
Production out of Teck Resources' Red Dog Mine in Alaska, dropped 20% annually to 145,300 tonnes in the first quarter of the year.
