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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