Buy Aluminium Sep @ 226 SL 224 TGT 228-230. MCX - Kedia Advisory
ALUMINIUM
Observation
Aluminium trading range for the day is 224.5-229.3.
Aluminium dropped pressured by concern about excess supplies as inventories climb in SHFE-approved warehouses
SHFE aluminium stocks have gained 36% over the past three months.
Aluminium supply remains elevated, while downstream demand recovery in China is limited
BUY ALUMINIUM SEP @ 226 SL 224 TGT 228-230. MCX
COPPER
Observation
Copper trading range for the day is 795.7-816.9.
Copper dropped pressured by rising inventories, lacklustre demand in China and a strong dollar.
LME copper inventories increased by 8,700 tons to 322,950 tons, the highest for about five years.
Miner BHP downgraded its forecast for China's copper growth to 1-2% this year.
BUY COPPER SEP @ 804 SL 800 TGT 810-815. MCX
ZINC
Observation
Zinc trading range for the day is 265.2-270.6.
Zinc remains supported by reduced supply and seasonal demand uplift.
Limited upside due to concerns about China's demand recovery.
Treatment charges for zinc concentrates have fallen to historical lows.
BUY ZINC SEP @ 266 SL 264 TGT 269-272. MCX
