Aluminium trading range for the day is 216.6-224.6 - Kedia Advisory
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Aluminium
OBSERVATIONS
Aluminium trading range for the day is 216.6-224.6.
Aluminium dropped pressured by concern about excess supplies as inventories climb in SHFE-approved warehouses
SHFE aluminium stocks have gained 36% over the past three months.
Aluminium supply remains elevated, while downstream demand recovery in China is limited
BUY ALUMINIUM SEP @ 219 SL 217 TGT 222-224. MCX
COPPER
OBSERVATIONS
Copper trading range for the day is 772.6-794.6.
Copper dropped weighed down by a firm dollar and demand worry, following weak manufacturing data from China.
China's manufacturing data sank to a six-month low last month, with owners struggling for orders.
Chile's copper output increased around 2% year-on-year in the month to 443,633 metric tons.
BUY COPPER SEP @ 780 SL 776 TGT 785-790. MCX
ZINC
OBSERVATIONS
Zinc trading range for the day is 257.1-267.9.
Zinc dropped as factory activity in China slowed further in August.
Limited upside due to concerns about China's demand recovery.
Treatment charges for zinc concentrates have fallen to historical lows.
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