Copper trading range for the day is 716.5-729.3 - Kedia Advisory
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ALUMINIUM
OBSERVATIONS
Aluminium trading range for the day is 198.8-201.
Aluminium dropped as weak Chinese economic data and property woes continued
However, expectations of further policy support cushioned the fall in metal prices
China’s aluminium billet inventories accumulate 12,200 tonnes over a week to settle at 81,800 tonnes
BUY ALUMINIUM SEP @ 198.5 SL 197 TGT 201.5-203. MCX
COPPER
OBSERVATIONS
Copper trading range for the day is 716.5-729.3.
Copper dropped due to a strengthening dollar, disappointing Chinese economic data
Data indicated weaker-than-expected growth in China's service sector for August, signaling a cooling demand trend.
Commerzbank revises copper price forecast, now predicts year-end at $8,800 per ton, down from $9,000.
BUY COPPER SEP @ 718 SL 714 TGT 723-725. MCX
ZINC
OBSERVATIONS
Zinc trading range for the day is 214.1-222.1.
Zinc dropped driven by a strong dollar and patchy data from China.
China has rediscovered its appetite for imports of refined zinc after a prolonged absence from the international market.
Imports and exports in China still fell and Beijing still risks missing its economic growth target this year
BUY ZINC SEP @ 215 SL 213 TGT 218-220. MCX
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