Buy Copper Aug @ 1374 SL 1365 TGT 1385-1395. MCX - Kedia Advisory
Aluminium
BUY ALUMINIUM AUG @ 347 SL 344 TGT 350-353. MCX
Observations
Aluminium trading range for the day is 342.3-352.5.
Aluminium gains amid concerns over supply from the Gulf coincided with Norsk Hydro's announcement of reduced feedstock production.
Norsk Hydro said its Alunorte plant in Brazil had cut alumina output to 50% of capacity due to reduced supply of natural gas
LME stocks of aluminium have slumped to their lowest level since 1990, attesting to the supply-chain dislocation caused by the Iran war.
Copper
BUY COPPER AUG @ 1374 SL 1365 TGT 1385-1395. MCX
Observations
Copper trading range for the day is 1361.3-1390.1.
Copper prices gained on declining inventories and tight supply outside the United States.
LME copper inventories extended their decline to 204,975 tons, down 48% since late May.
Copper inventories in warehouses monitored by the Shanghai Futures Exchange fell 0.5 % from last Friday.
Zinc
BUY ZINC AUG @ 398 SL 395 TGT 401-404. MCX
Observations
Zinc trading range for the day is 389.6-405.6.
Zinc gains amid tightening supply and growing concerns over production disruptions in China.
Global supply is also tightening, with Glencore, Boliden and MMG reporting lower production.
LME zinc inventories have fallen to their lowest level since December, reinforcing concerns over near-term availability.
