Buy Copper Aug @ 772 SL 767 TGT 778-782. MCX - Kedia Advisory
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ALUMINIUM
OBSERVATIONS
Aluminium trading range for the day is 209.4-215.2.
Aluminium gains on short covering after prices dropped hurt by looming concerns about demand from China
Aluminium supply is increasing while demand remains sluggish.
In July, aluminium production is expected to reach around 3.68 million mt
BUY ALUMINIUM AUG @ 212 SL 210 TGT 214-216. MCX
COPPER
OBSERVATIONS
Copper trading range for the day is 764.7-780.7.
Copper gains on expectations of improved copper consumption in China.
Chinese imports of copper concentrates, dropped to a one-year low of 2.165 million tons in July.
SHFE inventories have fallen 23% since June, reflecting a return of Chinese physical buyers as prices have retreated.
BUY COPPER AUG @ 772 SL 767 TGT 778-782. MCX
ZINC
OBSERVATIONS
Zinc trading range for the day is 243-256.
Zinc gains as global zinc market surplus fell to 8,300 metric tons in May
Inventories in warehouses monitored by the Shanghai Futures Exchange fell 7.5% from last Friday.
China's refined zinc production was 545,800 mt, up 9,700 mt or 1.81% MoM but down 1.2% YoY.
