Aluminium trading range for the day is 198.7-202.6 - Kedia Advisory
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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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