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ALUMINIUM

OBSERVATIONS

Aluminium trading range for the day is 195.7-198.9.

Aluminium gains following support measures from China

Morgan Stanley lowers China's GDP forecast for 2023 to 4.7% from 5%.

Morgan Stanley lowers China's GDP prediction for 2024 to 4.2% from 4.5%.

BUY ALUMINIUM AUG @ 195 SL 193 TGT 197-199. MCX

COPPER

OBSERVATIONS

Copper trading range for the day is 719.9-728.9.

Copper gains as the dollar retreated from a two-month high

China's central bank injected more money into the market to support the economy.

Shanghai warehouse copper stocks down 25.9%

BUY COPPER AUG @ 722 SL 717 TGT 727-732. MCX

ZINC

OBSERVATIONS

Zinc trading range for the day is 206.7-212.1.

Zinc dropped as LME inventories have surged to a 17-month high

Backwardation in LME zinc strengthened, with the cash contract at a $12.50-a-ton discount to the three-month contract, the biggest discount since July 21

China is targeting 5% annual growth this year.

BUY ZINC AUG @ 208 SL 206 TGT 213-215. MCX

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