Buy Copper AUG @ 1360 SL 1350 TGT 1370-1380. MCX - Kedia Advisory
ALUMINIUM
BUY ALUMINIUM AUG @ 349 SL 346 TGT 352-355. MCX
Observations
Aluminium trading range for the day is 346.1-355.7.
Aluminum gains amid all-time low overseas inventories, and expectations of supply disruptions from China's crackdown on illegal capacity.
Support also seen amid concerns that heavy rainfall and flooding in China's
Sichuan province could disrupt smelter operations.
Output outside China fell 6.7% year-on-year in July, mainly due to reduced operating rates at several Middle Eastern smelters
COPPER
BUY COPPER AUG @ 1360 SL 1350 TGT 1370-1380. MCX
Observations
Copper trading range for the day is 1349-1396.4.
Copper dropped as copper inventories in warehouses monitored by the Shanghai Futures Exchange rose 1.1 % from last Friday.
However, downside seen limited as the Democratic Republic of Congo's ban on copper and cobalt concentrate exports raised supply concerns.
China's imports of unwrought copper and copper products fell 11.5% from a year earlier to 425,000 metric tons in July.
ZINC
BUY ZINC AUG @ 388 SL 385 TGT 391-394. MCX
Observations
Zinc trading range for the day is 383-400.6.
Zinc dropped on profit booking after prices gained amid easing US Iran tensions and LME zinc stocks were at lowest since December.
The global zinc market surplus declined to 8,700 metric tons in May from 43,400 tons in April.
China's net imports of refined zinc collapsed by 79% year-on-year to just 38,000 tons in January to June.
