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ALUMINIUM

OBSERVATIONS

Aluminium trading range for the day is 245-253.4.

Aluminium prices rose on supply tightness and surging buying interest from funds switching from copper.

A continued inflow of "wider money" into metals, providing further support for aluminium.

Shortages of alumina, emerged recently because of lower output from China and disruption to Rio Tinto's Australian exports.

SELL ALUMINIUM JUN @ 252 SL 255 TGT 249-246. MCX

COPPER

OBSERVATIONS

Copper trading range for the day is 888.9-921.7.

Copper dropped amid higher inventories in China amid strong output and soft physical demand.

UBS expects copper prices to reach $11,500/mt by year-end, $12,000/mt or above by mid-2025

Latest supply-demand estimates point to a roughly 390,000 metric tons (mt) copper deficit for both this year and 2025 - UBS.

SELL COPPER JUN @ 906 SL 910 TGT 900-896. MCX

ZINC

OBSERVATIONS

Zinc trading range for the day is 271.9-281.5.

Zinc prices dropped on profit booking after prices rose as traders continue to assess the demand outlook.

The global zinc market surplus fell to 52,300 metric tons in March from 66,800 tons in February – ILZSG.

China's refined zinc output was 504,600 mt, a month-on-month decrease of 20,900 mt or 3.99%.

SELL ZINC JUN @ 277 SL 280 TGT 274-272. MCX