SELL ZINC JUL @ 261 SL 263 TGT 259-257. MCX - Kedia Advisory
ALUMINIUM
SELL ALUMINIUM JUL @ 249 SL 251 TGT 247-245. MCX
OBSERVATIONS
Aluminium trading range for the day is 246-249.4.
Aluminium fell as China’s May production rose 5% y/y to 3.83 million tons, adding supply pressure.
Downside was limited by persistent bauxite supply risks amid Guinea’s dispute with Emirates Global Aluminium.
Global primary aluminium output rose 1.5% y/y in May to 6.245 million tons, IAI data showed.
COPPER
SELL COPPER JUL @ 895 SL 900 TGT 890-885. MCX
OBSERVATIONS
Copper trading range for the day is 883.8-900.6.
Copper fell on weak Chinese industrial profit data and profit-taking by traders.
China’s industrial profits in May declined sharply year-on-year, pressuring sentiment.
ShFE copper inventories dropped 19% weekly to 81,550 tons, down 70% in 4 months.
ZINC
SELL ZINC JUL @ 261 SL 263 TGT 259-257. MCX
OBSERVATIONS
Zinc trading range for the day is 256.6-262.2.
Zinc prices eased after SHFE zinc inventories rose 1.8% week-on-week, adding supply pressure.
Weak manufacturing demand in China continues to weigh on zinc sentiment and spot buying.
Chinese buyers are limiting purchases to immediate needs due to sluggish downstream demand.
