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Aluminium

OBSERVATIONS

Aluminium trading range for the day is 226.7-231.7.

Aluminium gains as the China’s central bank reiterated its commitment to a supportive monetary policy stance.

Global primary aluminium output rose 3.4% year on year to 6.1 million tons in May

China aluminium production up 7.2 % to 3.65 mln tonnes in May

SELL ALUMINIUM JUL @ 231 SL 233 TGT 229-227. MCX

Copper

OBSERVATIONS

Copper trading range for the day is 831.4-848.6.

Copper gains on short covering after prices dropped amid an uncertain global demand outlook and rising inventories.

Chinese copper inventories also held near their highest since 2020 in June

The latest PMI reports have so far pointed to a poor outlook for manufacturing in major economies

SELL COPPER JUL @ 844 SL 848 TGT 840-836. MCX

Zinc

OBSERVATIONS

Zinc trading range for the day is 255.6-270.6.

Zinc gains amid hopes of improved demand in China following recent price drops and supply concerns.

The global zinc market surplus fell to 22,100 metric tons in April from 70,100 tons in March.

In China, zinc concentrate imports decreased by 24% in the first four months of this year compared to the previous year.

SELL ZINC JUL @ 267 SL 270 TGT 263-260. MCX