Buy Zinc Aug @ 375 SL 372 TGT 378-380. MCX - Kedia Advisory
Aluminium
BUY ALUMINIUM AUG @ 333 SL 330 TGT 336-338. MCX
Observations
Aluminium trading range for the day is 329.5-343.7.
Aluminium slipped as a stronger US dollar and mounting uncertainty ahead of Fed policy decision weighed
Pressure also seen amid restart of Emirates Global Aluminium’s Al Taweelah alumina refinery following a three-and-a-half-month outage.
Stocks in LME-registered warehouses fell further to 269,300, the lowest level seen this century.
Copper
BUY COPPER AUG @ 1320 SL 1310 TGT 1330-1340. MCX
Observations
Copper trading range for the day is 1313.3-1340.5.
Copper prices edged lower, weighed by lingering bets of a U.S. interest rate hike threatened to dampen demand.
Chilean copper miner Antofagasta said production has resumed at its Los Pelambres copper mine.
Citi bank held its $14,500 per metric ton zero- to three-month target and its $15,000 per ton year-end target.
Zinc
BUY ZINC AUG @ 375 SL 372 TGT 378-380. MCX
Observations
Zinc trading range for the day is 374.1-380.1.
Zinc dropped weighed down by a strong dollar and rising bets on an interest rate hike by the Federal Reserve.
The cash LME zinc contract was trading at $73.27 a metric ton premium over the three-month forward, widening from just under $50 on Friday.
Zinc smelter in Central China plans to carry out routine maintenance in August, which is expected to last around half a month.
