Aluminium trading range for the day is 193.1-199.9 - Kedia Advisory
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Aluminium
Observations
Aluminium trading range for the day is 193.1-199.9
Aluminium dropped as macroeconomic data continued to disappoint
Pressure also seen amid a slump in German manufacturing to a 37-month low in June
S&P Global cuts China 2023 growth forecast to 5.2% from 5.5%
Copper
Observations
Copper trading range for the day is 709.6-727
Copper dropped amid a concerning macroeconomic backdrop
The Chinese government has refrained from mandating stimulus to support its struggling manufacturing sector
Copper inventories at the LME and COMEX remained at low levels, dropping 7% on the week
Zinc
Observations
Zinc trading range for the day is 208-217
Zinc dropped amid a strong dollar and concerns about global economic growth.
S&P has cut its forecast for economic growth in China this year
Official PMIs from China, due this week, should provide some insight into demand outlook
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