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ALUMINIUM

OBSERVATIONS

Aluminium trading range for the day is 210.3-214.7.

Aluminium gains as the total social inventory of aluminum ingots was, down 7,000 mt WoW

China lowered deposit rates, and Canada's rate cut was in line with expectations, leading to increasing global market liquidity

Shanghai warehouse aluminium stocks down 0.6%

BUY ALUMINIUM AUG @ 211 SL 209 TGT 213-215. MCX

COPPER

OBSERVATIONS

Copper trading range for the day is 790.2-805.8.

Copper gains as SHFE inventories declined to a two-month low of 301,203 tons.

Citi expects copper to recover to $9,500/t within three months

China reported weaker than expected economic growth

BUY COPPER AUG @ 795 SL 790 TGT 800-804. MCX

ZINC

OBSERVATIONS

Zinc trading range for the day is 249.3-254.9.

Zinc settled flat as in June, China's refined zinc production was up by 1.81% MoM

The supply of zinc concentrate remains tight, and refinery raw material inventories continue to be consumed more than replenished

In June, China's refined zinc production was 545,800 mt, up 9,700 mt or 1.81% MoM but down 1.2% YoY.

BUY ZINC AUG @ 251 SL 249 TGT 254-256. MCX