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ALUMINIUM

Observations

Aluminium trading range for the day is 198.7-202.6

Aluminium remained in range as worries about the global economy flared up

China's central bank governor pledged to guide more financial resources towards the private economy

Yunnan region is maintaining resumption of production

BUY ALUMINIUM AUG 2023 @ 198 SL 196 TGT 201-203. MCX

COPPER

Observations

Copper trading range for the day is 721.4-741.1

Copper dropped despite amid persisting hopes of further Chinese stimulus measures.

Data showed deflation in consumer prices and further declines for factory gate prices in China

State-owned Chilean miner Codelco raised its output projections by 70,000 tonnes to 1.31-1.35 million tonnes this year

BUY COPPER AUG 2023 @ 725 SL 721 TGT 730-734. MCX

ZINC

Observations

Zinc trading range for the day is 218-226

Zinc fell as LME inventories paused their August decline.

On-warrant stocks rose to a three-week high of 71,525 metric tons, daily LME data showed.

The discount on the LME cash contract to three-month zinc swung to a premium in early August in a sign of tighter near-term supply

BUY ZINC AUG 2023 @ 219 SL 217 TGT 223-225. MCX

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