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ALUMINIUM

Observation

Aluminium trading range for the day is 233.8-243.

Aluminium gains aided by a weaker U.S. dollar and bullish demand outlook.

China's aluminium output was 3.515 million mt in April (30 days), up 4.98% YoY.

LME aluminium stocks surge to highest since October 2021

SELL ALUMINIUM MAY @ 239 SL 242 TGT 236-234. MCX

COPPER

Observation

Copper trading range for the day is 882-907.6.

Copper gains supported by increasing concerns of tight supply

China imported more copper ore inputs despite the sharp increase in prices, highlighting demand from manufacturers..

The low availability of material hampered margins for smelters in China, responsible for over half of global supply, and pressured their output.

SELL COPPER MAY @ 896 SL 902 TGT 890-886. MCX

ZINC

Observation

Zinc trading range for the day is 257.9-265.7.

Zinc dropped as China’s refined zinc production in May 2024 will increase by 26,800 mt.

The production resumption after maintenance and increase in output at smelters in Gansu, Xinjiang, Liaoning, Hunan, Henan and Sichuan.

Swedish mining giant Boliden to resume production at its Tara zinc mine.

SELL ZINC MAY @ 263 SL 266 TGT 260-257. MCX