Copper trading range for the day is 715.7-728.2 - Kedia Advisory
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ALUMINIUM
Observations
Aluminium trading range for the day is 194.9-198.1
Aluminium dropped as smelters started to resume production in Yunnan
China's aluminium imports rise 10.7% y/y in H1
China June aluminium output 3.46 mln metric tons
SELL ALUMINIUM Jul 2023 @ 198 SL 200 TGT 195-193. MCX
COPPER
Observations
Copper trading range for the day is 715.7-728.2
Copper dropped as China June refined copper output at record high
Citi sees copper softness setting up a strong medium-term buying opportunity, with $12,000/t their new 2025 base case forecast
Kazakhstan's refined copper output for January-June dropped 19.4% year-on-year
SELL COPPER Jul 2023 @ 726 SL 730 TGT 720-716. MCX
ZINC
Observations
Zinc trading range for the day is 210-215
Zinc dropped weighed by demand concerns in China
Citi sees further 10-15% downside in zinc prices into year-end, as surplus markets & cost deflation weigh
Kazakhstan's production of refined zinc fell 4.9% for January-June
SELL ZINC Jul 2023 @ 215 SL 218 TGT 212-210. MCX
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