Buy Aluminium Aug @ 211 SL 209 TGT 213-215. MCX - Kedia Advisory
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
