Aluminium trading range for the day is 195.5-199.3 - Kedia Advisory
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ALUMINIUM
Observations
Aluminium trading range for the day is 195.5-199.3
Aluminium fell after China said its economy faced new challenges
Global growth concerns, and in particular slowing demand in China as its economic recovery lost momentum in the second quarter
Global aluminium output rises 0.8% year on year in June – IAI
BUY ALUMINIUM Aug 2023 @ 196 SL 194 TGT 199-201. MCX
COPPER
Observations
Copper trading range for the day is 717-737.3
Copper gains as global market showed a 65,000 metric tons deficit in May
The data raised concerns that production in Chile may fall by more than Codelco’s forecast of 7%.
Copper output in top producer Chile sank 14% annually in May
BUY COPPER Aug 2023 @ 725 SL 720 TGT 732-736. MCX
ZINC
Observations
Zinc trading range for the day is 211-218
Zinc gains buoyed by expectations that China would roll out more stimulus.
LME inventory cancellations of 21,425 metric tons, slashing on-warrant stocks by 27% to 59,950 metric tons.
China to adjust and optimise property policies – Politburo
BUY ZINC Aug 2023 @ 213 SL 210 TGT 216-218. MCX
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