Aluminium trading range for the day is 199.5 - 202.3 - Kedia Advisory
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ALUMINIUM
OBSERVATIONS
Aluminium trading range for the day is 199.5-202.3.
Aluminium dropped as sentiment remain bearish due to weak economic data from China
ANZ expects aluminium market to move back into deficit in 2024, supporting prices in short term
Japan's July aluminium stocks drop 1.9% m/m
BUY ALUMINIUM SEP @ 200 SL 198 TGT 202-204. MCX
COPPER
OBSERVATIONS
Copper trading range for the day is 721.6-737.
Copper fell as a strong dollar and weakening yuan made metals expensive in China.
Yangshan copper premium fell from its highest since December last year at $61.50, indicating easing demand.
China Aug copper imports slide on weak demand, high domestic supply
BUY COPPER SEP @ 725 SL 721 TGT 730-735. MCX
ZINC
OBSERVATIONS
Zinc trading range for the day is 218-224.4.
Zinc gains as China's refined zinc output in August decreased 4.46% mom
China has rediscovered its appetite for imports of refined zinc after a prolonged absence from the international market.
Imports and exports in China still fell and Beijing still risks missing its economic growth target this year
BUY ZINC SEP @ 220 SL 218 TGT 222-224. MCX
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