Buy Zinc Aug @ 246 SL 243 TGT 249-252. MCX - Kedia Advisory
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ALUMINIUM
OBSERVATIONS
Aluminium trading range for the day is 207.1-217.7.
Aluminium gains as the Chinese government continues to boost the domestic economy.
Citi forecasts aluminium recovery to $2,500/t (previously $2,550/t) within three months
In July, aluminium production is expected to reach around 3.68 million mt, and social inventory is at a high level
BUY ALUMINIUM AUG @ 212 SL 210 TGT 215-217. MCX
COPPER
OBSERVATIONS
Copper trading range for the day is 764.3-792.9.
Copper gains amid tight mine supply and demand growth potential from the energy sectors.
However upside seen limited pulled down by a weak consumption outlook amid fears of a U.S. recession.
On the COMEX, fund managers reduced their net long positions for copper to 9,449 contracts by July 30
BUY COPPER AUG @ 776 SL 772 TGT 782-786. MCX
ZINC
OBSERVATIONS
Zinc trading range for the day is 243.4-250.
Zinc prices dropped as looming concerns over global economies weighed on sentiment.
The global zinc market surplus fell to 8,300 metric tons in May from 15,300 tons in April
Investors were also hoping for more support policy from China
BUY ZINC AUG @ 246 SL 243 TGT 249-252. MCX
