Buy Copper SEP @ 1370 SL 1360 TGT 1380-1390. MCX - Kedia Advisory
Aluminium
BUY ALUMINIUM SEP @ 347 SL 345 TGT 349-351. MCX
Observations
Aluminium trading range for the day is 342.3-350.7.
Aluminium gains as stocks at three major Japanese ports fell to 201,000 metric tons, down 8.8% from the previous month.
However surging oil prices heightened inflationary risks and reinforced expectations of imminent interest rate hikes, limited gains.
China’s manufacturing activity contracted for the second consecutive month in August, although the decline was milder than expected.
Copper
BUY COPPER SEP @ 1370 SL 1360 TGT 1380-1390. MCX
Observations
Copper trading range for the day is 1353.9-1385.5.
Copper fell as fears of interest rates staying higher for longer weighed on the prices.
U.S. factory activity slowed in August, amid elevated input prices, weighed on demand expectations.
Total copper stocks in SHFE warehouses were down more than 19% last week, with on-warrant stocks standing at 31,462 tons.
Zinc
BUY ZINC SEP @ 413 SL 410 TGT 416-418. MCX
Observations
Zinc trading range for the day is 409.4-418.2.
Zinc dropped as renewed hostilities in the Middle East pushed oil prices higher and revived inflation concerns.
LME zinc cancelled warrants, hit 30,875 tons, the highest in more than a year.
LME zinc's cash-to-three month spread remained in backwardation, signalling tight supply, though at $139.35 a ton.
