Buy Aluminium Aug @ 210 SL 208 TGT 212-214. MCX - Kedia Advisory
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ALUMINIUM
OBSERVATIONS
Aluminium trading range for the day is 206.9-214.1.
Aluminium settled flat amid weak manufacturing data from US and China
Rainfall in the Chinese production hub of Yunnan improved the availability of hydropower and allowed smelters to bring back idled capacity.
Citi forecasts aluminium recovery to $2,500/t (previously $2,550/t) within three months
BUY ALUMINIUM AUG @ 210 SL 208 TGT 212-214. MCX
COPPER
OBSERVATIONS
Copper trading range for the day is 745.4-817.8.
Copper sank tracking the wave of risk aversion that has triggered sharp selling pressure in commodities.
Pressure also seen amid growing concerns of economic contraction in the US and slowing growth in China.
Both the NBS and the Caixin Caixin manufacturing PMIs pointed to a contraction in July
BUY COPPER AUG @ 775 SL 770 TGT 780-785. MCX
ZINC
OBSERVATIONS
Zinc trading range for the day is 237.7-257.7.
Zinc prices dropped as looming concerns over global economies weighed on sentiment.
The global zinc market surplus fell to 8,300 metric tons in May from 15,300 tons in April
Investors were also hoping for more support policy from China
BUY ZINC AUG @ 246 SL 243 TGT 249-252. MCX
