Buy Aluminium Aug @ 225 SL 222 TGT 228-230. MCX - Kedia Advisory
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ALUMINIUM
OBSERVATIONS
Aluminium trading range for the day is 221.6-230.2.
Aluminium prices rallied on increased fund buying and a shortage of raw material in China.
China exported 146,708 tons of alumina last month, up 9.6% from a year earlier, with 92.5% of the total flowing into Russia.
Global aluminium output in July up 2.4% y/y, IAI says
BUY ALUMINIUM AUG @ 225 SL 222 TGT 228-230. MCX
COPPER
OBSERVATIONS
Copper trading range for the day is 791.3-812.5.
Copper dropped as Union at BHP's Escondida copper mine in Chile signs new deal, ending risk of strike.
However, downside seen limited on signs of improving demand in China and U.S. rate cut hopes.
China exported 70,006 tons of refined copper in July, less than half of a record high of 157,751 tons exported in June.
BUY COPPER AUG @ 796 SL 792 TGT 803-808. MCX
ZINC
OBSERVATIONS
Zinc trading range for the day is 259-270.2.
Zinc gains as buying spurred by signs of improving demand in China and a sliding dollar.
Zinc inventories in warehouses monitored by the Shanghai Futures Exchange fell 9.3% from last Friday.
Support also seen as buying was triggered by expectations of higher energy costs
BUY ZINC AUG @ 262 SL 259 TGT 266-268. MCX
