Buy Zinc Sep @ 268 SL 265 TGT 272-274. MCX - Kedia Advisory
ALUMINIUM
Observation
Aluminium trading range for the day is 225.6-241.4.
Aluminium inched higher buoyed by tight supply of raw material and expectation of a U.S. interest rate cut next month.
The discount of LME cash aluminium to the three-month contract tightened to $17.08 a ton, indicating tightening nearby supply.
LME aluminium inventory has dropped 22% in three months to 877,950 tons, the lowest since May 8.
BUY ALUMINIUM SEP @ 231 SL 229 TGT 234-236. MCX
COPPER
Observation
Copper trading range for the day is 807.1-819.7.
Copper gains supported by falling metal inventories, and demand showing signs of improvement in China.
Copper inventories in warehouses monitored by the Shanghai Futures Exchange fell 4.3% from last Friday.
China produced 5.9 million tons of refined copper in the first half of the year.
BUY COPPER SEP @ 809 SL 805 TGT 814-818. MCX
ZINC
Observation
Zinc trading range for the day is 267.6-273.2.
Zinc climbed underpinned by prospects of reduced supply and a seasonal uplift in demand in the coming months.
Smelters have already curbed production in July and August, with China's zinc output falling for a second straight month in July
Treatment charges for zinc concentrates have fallen to historical lows amid tight supply.
BUY ZINC SEP @ 268 SL 265 TGT 272-274. MCX
