Buy Copper Aug @ 788 SL 784 TGT 792-796. MCX - Kedia Advisory
Aluminium
OBSERVATIONS
Aluminium trading range for the day is 205.6-214.8.
Aluminium dropped amid mounting demand concerns from China.
The Chinese government refrained from passing stimulus to target the aggressive slowdown in the manufacturing sector.
The total social inventory of aluminum ingots is 254,000 mt higher YoY.
BUY ALUMINIUM AUG @ 208 SL 206 TGT 210-212. MCX
Copper
OBSERVATIONS
Copper trading range for the day is 780.8-805.
Copper slid on Chinese demand concerns and high inventories.
Pressure seen on worries about China demand prospects after slower-than-expected economic growth in the second quarter.
Copper inventories in warehouses monitored by ShFe declined to a two-month low of 301,203 tons.
BUY COPPER AUG @ 788 SL 784 TGT 792-796. MCX
Zinc
OBSERVATIONS
Zinc trading range for the day is 246.4-255.2.
Zinc dropped as in June, China's refined zinc production was up by 1.81% MoM
The supply of zinc concentrate remains tight, and refinery raw material inventories continue to be consumed more than replenished
In June, China's refined zinc production was 545,800 mt, up 9,700 mt or 1.81% MoM but down 1.2% YoY.
BUY ZINC AUG @ 248 SL 245 TGT 251-254. MCX
