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Aluminium

OBSERVATIONS

Aluminium trading range for the day is 203.3-207.5.

Aluminium gains on low level support after pressure seen amid mounting concerns about instability from Chinese property developers.

Commerzbank expresses confidence in predicting an aluminum price of $2,400 per ton at the end of 2023.

China, halted the expansion of production capacity beyond the current limit of 45 million tons as Beijing attempts to prevent oversupply

BUY ALUMINIUM OCT @ 204 SL 202 TGT 207-209. MCX

Copper 

OBSERVATIONS

Copper trading range for the day is 704.4-719.6.

Copper dropped amid renewed concerns about demand amid slowing Chinese economy

Southern copper sees Peru output hitting 400,000 T this year

Commerzbank notes that there have been noticeable improvements in the supply outlook for the copper market.

BUY COPPER OCT @ 710 SL 707 TGT 714-716. MCX

Zinc 

OBSERVATIONS

Zinc trading range for the day is 220.4-228.2. 

Zinc dropped due to concerns about demand in China

Global zinc market surplus falls in July – ILZSG

Commerzbank suggests that the zinc price is likely to trend more or less sideways

BUY ZINC OCT @ 222 SL 220 TGT 225-227. MCX