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ALUMINIUM

OBSERVATIONS

Aluminium trading range for the day is 205.4-211.8.

Aluminium gains on short covering after prices dropped amid mounting demand concerns from China.

The Chinese government refrained from passing stimulus to target the aggressive slowdown in the manufacturing sector.

The total social inventory of aluminum ingots is 254,000 mt higher YoY.

BUY ALUMINIUM AUG @ 208 SL 206 TGT 210-212. MCX

COPPER

OBSERVATIONS

Copper trading range for the day is 778.4-802.6.

Copper gains on short covering after prices dropped on Chinese demand concerns and high inventories

Pressure seen on worries about China demand prospects after slower-than-expected economic growth in the second quarter.

Copper inventories in warehouses monitored by ShFe declined to a two-month low of 301,203 tons.

SELL COPPER AUG @ 792 SL 1788 TGT 796-800. MCX

ZINC

OBSERVATIONS

Zinc trading range for the day is 246.3-253.9.

Zinc gains on short covering after prices dropped as China's refined zinc production up by 1.81% MoM

The supply of zinc concentrate remains tight, and refinery raw material inventories continue to be consumed more than replenished

In June, China's refined zinc production was 545,800 mt, up 9,700 mt or 1.81% MoM but down 1.2% YoY.

BUY ZINC AUG @ 250 SL 248 TGT 253-255. MCX