Buy Zinc SEP @ 416 SL 413 TGT 419-422. MCX - Kedia Advisory
ALUMINIUM
BUY ALUMINIUM SEP @ 347 SL 244 TGT 350-352. MCX
Observations
Aluminium trading range for the day is 345.4-351.4.
Aluminium gains as LME inventories remained close to a 36-year low, while SHFE stockpiles continued to fall, pointing to limited availability.
However upside was capped as oil prices rose on renewed Middle East supply concerns, adding to inflation worries.
Rising aluminum exports from top producer China could also help ease supply constraints and limit price gains.
COPPER
BUY COPPER SEP @ 1360 SL 1350 TGT 1370-1380. MCX
Observations
Copper trading range for the day is 1344-1378.2.
Copper recovered from losses on low level buying after prices dropped as fresh deliveries to London warehouses eased supply concerns.
Copper stocks in LME-registered warehouses jumped 3.59% to 242,900 tons
LME cash contract traded at a discount of as much as $85.75 a ton to the three-month contract.
ZINC
BUY ZINC SEP @ 416 SL 413 TGT 419-422. MCX
Observations
Zinc trading range for the day is 404.7-424.3.
Zinc gains as the market faced significant supply pressures.
Production disruptions at several mines, including in China, have raised concerns over concentrate availability.
Major zinc mines, including Antamina in Peru and Red Dog in Alaska, have seen output decline.
