Aluminium trading range for the day is 197.1-201.3 - Kedia Advisory
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ALUMINIUM
Observations
Aluminium trading range for the day is 197.1-201.3
Aluminium dropped as global primary aluminium output rose by 1.8% year-on-year
However, downside seen limited amid pledges from Chinese leaders to shore up economic growth.
Higher production in China drove global aluminium output up 1.8% in H1
BUY ALUMINIUM Aug 2023 @ 197 SL 195 TGT 200-202. MCX
COPPER
Observations
Copper trading range for the day is 732.8-743.6
Copper drop due to caution ahead of Fed decision and a lack of Chinese stimulus
LME Copper inventories have climbed 12% over the last two weeks to 60,700 metric tons.
Goldman Sachs upgraded its three-month target for copper by 20% to $US9250 a tonne.
BUY COPPER Aug 2023 @ 735 SL 730 TGT 742-748. MCX
ZINC
Observations
Zinc trading range for the day is 216-222
Zinc dropped as Global refined zinc supply is expected to increase by 1.9%.
However, downside seen limited amid hopes of a recovery in Chinese demand.
Global zinc market surplus falls to 53,000 metric tons in May – ILZSG
BUY ZINC Aug 2023 @ 217 SL 215 TGT 219.5-221. MCX
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