Buy Aluminium OCT @ 204 SL 202 TGT 206-208. MCX - Kedia Advisory
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Aluminium
OBSERVATIONS
Aluminium trading range for the day is 204.2-207.4.
Aluminium recovered on low level support after prices dropped as the soaring dollar reinforced concerns about demand
Citi expects aluminum prices to grind lower to $2,100 per ton in the 0-3 month horizon.
China halted the expansion of production capacity beyond the current limit of 45 million tons
BUY ALUMINIUM OCT @ 204 SL 202 TGT 206-208. MCX
Copper
OBSERVATIONS
Copper trading range for the day is 691.6-714.6.
Copper prices gained on short covering amid looming shortage concerns
Trafigura sees potential $12,000 high for copper
Citi foresees near-term (0-3 months) downside for copper prices, with a potential drop to $7,500 per ton
BUY COPPER OCT @ 703 SL 698 TGT 708-712. MCX
Zinc
OBSERVATIONS
Zinc trading range for the day is 219.8-225.6.
Zinc gains amid renewed hopes for China's economic recovery and expectations of reduced production
Zinc prices are predicted to fall to $2,300 per ton within the next three months - Citi
China's domestic output of refined zinc this year has risen
BUY ZINC OCT @ 220 SL 218 TGT 223-225. MCX
