Copper trading range for the day is 502.7-517.7.
Copper prices dropped due to souring U.S.-China tensions and a stronger U.S. dollar
However downside seen limited as investors eyed a potential U.S. stimulus bill after lawmakers and officials said they were willing to restart negotiations
China's major copper smelters reduced output in July by 7.2% year-on-year due to summer maintenance.
Warehouse stock for Copper at LME was at 114625mt that is up by 250mt.
SELL COPPER AUG 2020 @ 514.00 SL 518.00 TGT 510.00-506.50.MCX
Zinc trading range for the day is 186.6-193.
Zinc gained as upbeat domestic economic data and continued declines in zinc social inventories bolstered zinc prices.
Zinc output came in at 430,000 tonnes in July, up 0.2% year-on-year and up 6.7% from June.
Zinc ingot inventories at most smelters and factories are already at zero or low levels as demand recovers.
Warehouse stock for Zinc at LME was at 197675mt that is down by -75mt.
SELL ZINC AUG 2020 @ 190.20 SL 192.00 TGT 188.40-187.00.MCX
Nickel trading range for the day is 1064.7-1102.5.
Nickel dropped amid nervousness about a fresh flare in U.S.-China tensions and considerable uncertainty on whether U.S. policymakers could approve a stimulus package.
The nickel market was in surplus during January to May 2020 with production exceeding apparent demand by 33.3 kt.
Chinese smelter/refinery output fell by 69 kt compared with 2019 and apparent demand was 408.4 kt, 50 kt lower than in the previous year.
Warehouse stock for Nickel at LME was at 235890mt that is down by -6mt.
SELL NICKEL AUG 2020 @ 1092.00 SL 1105.00 TGT 1078.00-1065.00.MCX
Aluminium trading range for the day is 145.5-147.5.
Aluminium dropped due to stronger dollar and risks from rising tensions between Washington and Beijing
China aluminium smelter Shenhuo starts up another 150,000 T of capacity in Yunnan
The calculated market balance for primary aluminium for January to May 2020 was a surplus of 908 kt
Warehouse stock for Aluminium at LME was at 1617175mt that is down by -4225mt.
SELL ALUMINIUM AUG 2020 @ 147.40 SL 149.00 TGT 145.50-144.60.MCX
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