Buy Copper AUG @ 1370 SL 1362 TGT 1380-1390. MCX - Kedia Advisory
ALUMINIUM
BUY ALUMINIUM AUG @ 345 SL 342 TGT 348-350. MCX
Observations
Aluminium trading range for the day is 340.8-349.4.
Aluminium gains amid ongoing supply constraints and slower production.
Output outside China fell 6.7% year-on-year in July, mainly due to reduced operating rates at several Middle Eastern smelters.
Stocks in LME-registered warehouses fell further to 267,800, the lowest level seen this century.
COPPER
BUY COPPER AUG @ 1370 SL 1362 TGT 1380-1390. MCX
Observations
Copper trading range for the day is 1355.4-1384.
Copper gains supported by falling inventories in LME as more metal was pulled into the U.S. ahead of potential tariffs on refined copper.
Signalling tightening conditions for near-term supply, the premium of the LME cash copper contract over 3M was last at $117.5 a ton, the highest level since October.
Chile's Codelco paused one of its expansion projects at its flagship El Teniente mine a year after a deadly collapse.
ZINC
BUY ZINC AUG @ 390 SL 387 TGT 393-396. MCX
Observations
Zinc trading range for the day is 386.5-395.3.
Zinc rose as LME available zinc stocks at 73,825 tons, the lowest since December.
Support also seen as heavy rainfall and flooding in parts of China raised concerns over potential disruptions to mining, smelting operations.
Zinc inventories in warehouses monitored by the Shanghai Futures Exchange rose 0.6% from last Friday.
