Sell Aluminium Aug @ 354 SL 357 TGT 351-349. MCX - Kedia Advisory
Aluminium
SELL ALUMINIUM AUG @ 354 SL 357 TGT 351-349. MCX
Observations
Aluminium trading range for the day is 338.8-365.4.
Aluminium fell after EGA reaffirmed it would resume full-scale production at its war-damaged smelter in the first quarter of 2027.
However downside seen limited as Norsk Hydro's announcement of reduced feedstock production at its Brazilian plant.
The physical premium European buyers pay above the LME price for primary aluminium has eased to $487 a ton from a May peak of $621.
Copper
SELL COPPER AUG @ 1378 SL 1388 TGT 1368-1358. MCX
Observations
Copper trading range for the day is 1366.4-1391.
Copper dropped on profit booking after temporary shutdown of a smelter in Indonesia added to worries about tight inventories
The premium of the LME cash copper contract over the benchmark hit $196 a ton, its highest since October, signalling tightness for nearby supply.
Yangshan copper premium fell to its one-month low of $96 a ton from a peak of $115 a ton on July 22, indicating weaker demand from Chinese importers.
Zinc
SELL ZINC AUG @ 397 SL 400 TGT 394-391. MCX
Observations
Zinc trading range for the day is 390.9-401.1.
Zinc gained as tight mine supply and low overseas inventories offer solid support for prices.
Minmetals Resources zinc output hit 105,800 tonnes, and the company maintained its full year output guidance of 215,000 235,000 tonnes.
LME inventories fell and share of canceled warrants stayed at quarterly high, on warrant stocks slipped, stoking squeeze risks.
