BUY ZINC SEP @ 413 SL 410 TGT 416-418. MCX - Kedia Advisory
Aluminium
BUY ALUMINIUM SEP @ 349 SL 347 TGT 351-353. MCX
Observations
Aluminium trading range for the day is 344.7-353.9.
Aluminium rose buoyed by continued supply tightness and a slight improvement in economic risk sentiment.
LME stocks of the light metal, remain close to a 36-year low.
Aluminium stocks at three major Japanese ports fell to 201,000 metric tons at the end of July, down 8.8% from the previous month.
Copper
BUY COPPER SEP @ 1375 SL 1365 TGT 1385-1395. MCX
Observations
Copper trading range for the day is 1364.1-1393.1.
Copper climbed boosted by a weaker dollar and fading expectations of a September increase to U.S. interest rates.
The copper curve remained in backwardation, indicating near-term tightness.
Data showed total copper stocks in SHFE-monitored warehouses were down more than 19% last week.
Zinc
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BUY ZINC SEP @ 413 SL 410 TGT 416-418. MCX
Observations
Zinc trading range for the day is 409.2-419.8.
Zinc prices gained supported by concerns about supply tightness.
However upside was capped as renewed hostilities in the Middle East pushed oil prices higher and revived inflation concerns.
Global supply is tightening, with Glencore, Boliden and MMG reporting lower production.
