Buy Copper SEP @ 1385 SL 1375 TGT 1395-1405. MCX - Kedia Advisory
ALUMINIUM
BUY ALUMINIUM SEP @ 346 SL 343 TGT 349-352. MCX
Observations
Aluminium trading range for the day is 341.6-350.4.
Aluminium gained as aluminium inventories in warehouses monitored by the Shanghai Futures Exchange fell 3% from last Friday.
Prices also gained supported by China pledging fiscal policy measures to strengthen economic growth.
Global primary aluminium output in July fell 1.7% year on year to 6.16 million tonnes.
COPPER
BUY COPPER SEP @ 1385 SL 1375 TGT 1395-1405. MCX
Observations
Copper trading range for the day is 1380.8-1397.
Copper nudged down as bets of higher-for-longer U.S. interest rates offset supply concerns.
Copper output in Chile, fell 9.4% year-on-year in July hit by severe storms that struck mining operation areas.
Speculators reduced their net long positions in COMEX copper by 2,780 contracts to 76,446 contracts – CFTC
ZINC
BUY ZINC SEP @ 416 SL 413 TGT 419-422. MCX
Observations
Zinc trading range for the day is 410.1-421.3.
Zinc prices gained supported by supply tightness outside China.
Stockpiles of zinc in LME warehouses are down more than 20% over the past two months.
Zinc inventories in warehouses monitored by the Shanghai Futures Exchange fell 1.5% from last Friday
