Buy Copper OCT @ 707 SL 703 TGT 712-715. MCX - Kedia Advisory
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Aluminium
OBSERVATIONS
Aluminium trading range for the day is 203.7-206.9.
Aluminium pressure seen amid mounting concerns about instability from Chinese property developers.
Commerzbank expresses confidence in predicting an aluminum price of $2,400 per ton at the end of 2023.
China, halted the expansion of production capacity beyond the current limit of 45 million tons as Beijing attempts to prevent oversupply
BUY ALUMINIUM OCT @ 204 SL 202 TGT 207-209. MCX
Copper
OBSERVATIONS
Copper trading range for the day is 706.4-713.6.
Copper fell amid persistent pressure from a strong dollar and weak industrial sentiment
Pressure seen as renewed concerns over the financial health of property developers maintained worries
Output from Chilean state-owned Codelco sank by 14% in the first half of the year, stretching the 7% decline from 2022.
BUY COPPER OCT @ 707 SL 703 TGT 712-715. MCX
Zinc
OBSERVATIONS
Zinc trading range for the day is 219.9-224.5.
Zinc dropped due to concerns about demand in China
Global zinc market surplus falls in July – ILZSG
Commerzbank suggests that the zinc price is likely to trend more or less sideways
BUY ZINC OCT @ 220 SL 218 TGT 223-225. MCX
