Buy aluminium Sep @ 254 SL 252 TGT 256-258. MCX - Kedia Advisory
ALUMINIUM
BUY ALUMINIUM SEP @ 254 SL 252 TGT 256-258. MCX
OBSERVATIONS
Aluminium trading range for the day is 254.3-256.3.
Aluminium dropped as the global primary aluminium market experienced a supply surplus in June.
Aluminium inventories in LME warehouses drop to two-month low at 375,025 tons.
Global aluminium producers have offered Japanese buyers premiums of $98-$103 for October-December primary metal shipments.
COPPER
BUY COPPER SEP @ 905 SL 901 TGT 910-915. MCX
OBSERVATIONS
Copper trading range for the day is 898.9-912.1.
Copper gains amid ongoing supply concerns following global mine disruptions.
China's new bank loan issuance in August is expected to have increased, bouncing back from a shock contraction.
Import appetite in China underpinned the market, with the Yangshan copper premium up 1.8% to $58 a ton, its three-month high.
ZINC
BUY ZINC SEP @ 276 SL 274 TGT 278-280. MCX
OBSERVATIONS
Zinc trading range for the day is 274.1-278.3.
Zinc rises as LME warehouse stocks fall nearly 75% since mid-April to 50,825 tons.
Cancelled warrants or zinc earmarked for delivery indicate another 15,375 tons are due to leave the LME system.
Zinc sees backwardation as LME cash trades ~$18/ton above three-month forward on supply concerns.
