Aluminium trading range for the day is 192.4-201.6 - Kedia Advisory
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ALUMINIUM
OBSERVATIONS
Aluminium trading range for the day is 192.4-201.6.
Aluminium settled flat following support measures from China
Morgan Stanley lowers China's GDP forecast for 2023 to 4.7% from 5%.
Morgan Stanley lowers China's GDP prediction for 2024 to 4.2% from 4.5%.
BUY ALUMINIUM AUG @ 195 SL 193 TGT 197-199. MCX
COPPER
OBSERVATIONS
Copper trading range for the day is 715-730.
Copper prices gains fuelled by low Chinese copper inventories data
Combined inventory in SHFE and Chinese bonded warehouses were down 53% year-on-year
China's July refined copper output jumps 14.5% y/y
ZINC
OBSERVATIONS
Zinc trading range for the day is 205.6-214.6.
Zinc gains after China's central bank injected more money to support the economy
LME cash zinc flipped to a discount of $4.25 a ton over the three-month contract, after remaining in a premium zone since Aug. 3.
Zinc inventories in LME-registered warehouses have surged to a 17-month high, highlighting a market surplus amid weak demand.
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