Buy Copper Aug @ 882 SL 877 TGT 887-892. MCX - Kedia Advisory
Aluminium
BUY ALUMINIUM AUG @ 251 SL 249 TGT 253-255. MCX
Observation
Aluminium trading range for the day is 250.5-255.9.
Aluminium prices dropped as weaker-than-expected China factory-gate data weighed on prices.
China's producer prices fell more than expected in July, underscoring the impact of sluggish domestic demand.
However downside seen limited bolstered by hopes of U.S. interest rate cuts and upbeat economic data in China.
COPPER
BUY COPPER AUG @ 882 SL 877 TGT 887-892. MCX
Observation
Copper trading range for the day is 880.2-892.
Copper dropped after Codelco received authorization to begin resuming certain operations at El Teniente mine.
However, downside seen limited amid persistent supply concerns and the normalization of LME inventory levels.
Goldman Sachs expects LME copper prices to fall modestly to a low of $9,550 per metric ton in August from $10,050/t previously.
ZINC
BUY ZINC AUG @ 267 SL 265 TGT 269-271. MCX
Observation
Zinc trading range for the day is 266.2-272.2.
Zinc dropped after Chinese producer prices fell more than expected in July.
The discount of the cash contract against three-month zinc narrowed to 20 cents from $13.
Available stocks in LME-registered warehouses at a two-year low.
