Buy Copper Jul @ 880 SL 876 TGT 884-887. MCX - Kedia Advisory
ALUMINIUM
BUY ALUMINIUM JUL @ 248 SL 246 TGT 250-252. MCX
OBSERVATIONS
Aluminium trading range for the day is 246.6-250.4.
Aluminium gains as output from top producer China was due to slow this year.
Supply for European factories is already limited due to sanctions of major producer Russia.
Available inventory at the LME rose by over 15,000 tonnes to 415,000 on the week to July 15th.
COPPER
BUY COPPER JUL @ 880 SL 876 TGT 884-887. MCX
OBSERVATIONS
Copper trading range for the day is 876.7-885.9.
Copper gains on short covering after prices dropped as the dollar strengthened and Asian warehouses stocks kept on rising.
China's data showed that the country's refined copper production in June rose 14% year-on-year to a record high.
The discount for the cash copper contract against the three-month forward contract widening to $64.5 a ton, a five-month high.
ZINC
BUY ZINC JUL @ 257 SL 255 TGT 259-261. MCX
OBSERVATIONS
Zinc trading range for the day is 253.9-261.3.
Zinc gained on short covering as production at some smelters in South China was affected by heavy rain.
China’s economy slowed less than expected in the second quarter in a show of resilience against U.S. tariffs.
Australian smelter Nyrstar announced it would cut this year's output by 25%.
