Buy Aluminium Jul 2023 @ 194 SL 192 TGT 197-1199. MCX - Kedia Advisory
ALUMINIUM
Observations
Aluminium trading range for the day is 194.3-196.5
Aluminium gains on heightened expectations for economic stimulus measures in China
Western European production has been sliding steadily over the last 15 years
Aluminium smelters in China's southwestern Yunnan province have started to ramp up production
BUY ALUMINIUM Jul 2023 @ 194 SL 192 TGT 197-1199. MCX
COPPER
Observations
Copper trading range for the day is 710.3-728.4
Copper gains as LME stocks fell to their lowest since April
Copper inventories in warehouses monitored by the SHFE rose 9.3% from last Friday
BofA cuts 2023 copper prices to $8,788/t from $9,427/t; 2024 target to $9,750/t from $9,875/t
BUY COPPER Jul 2023 @ 717 SL 712 TGT 723-728. MCX
ZINC
Observations
Zinc trading range for the day is 213-216
Zinc dropped amid demand uncertainty in China
BofA cuts zinc price forecast to $2,603/t in 2023 ($2,905/t previously); 2024 forecast cut to $2,375/t ($2,500/t previously)
Global zinc market surplus fell to 12,500 metric tons in April, down from 65,000 tons a month earlier
BUY ZINC Jul 2023 @ 213 SL 210 TGT 216-218. MCX
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