Sell Aluminium OCT @ 267 SL 269 TGT 265-263. MCX - Kedia Advisory
ALUMINIUM
SELL ALUMINIUM OCT @ 267 SL 269 TGT 265-263. MCX
OBSERVATIONS
Aluminium trading range for the day is 263.5-270.9.
Aluminium gained tracking LME prices rose past $2,870, the highest in over three years amid tight supply.
Troubles for key refineries also pressured supply, with one of two potlines in Iceland's Grundartangi smelter being suspended.
Alcoa announced it will shut its Kwinana alumina refinery in Australia due to deteriorating bauxite or grades.
COPPER
SELL COPPER OCT @ 1005 SL 1010 TGT 1000-995. MCX
OBSERVATIONS
Copper trading range for the day is 990.7-1011.9.
Copper prices rose as the US and China are close to finalizing a major trade deal to ease global economic tensions.
Trump's 100% tariff threat is off the table, and China will pause plans to expand rare earth export controls for a year.
Prices have been supported by mine disruptions at Freeport-McMoRan's Grasberg mine in Indonesia and Ivanhoe Mines' Kamoa-Kakula mine in Congo
ZINC
SELL ZINC OCT @ 304 SL 306 TGT 302-300. MCX
OBSERVATIONS
Zinc trading range for the day is 299.1-305.5.
Zinc gained as signs of easing trade tensions between the China and the U.S. and hopes for stronger growth
LME zinc stocks warehouses at 37,050 tons, the lowest since March 2023 and down more than 80% since the middle of April.
Worries about supplies on the LME market pushed the premium for the cash zinc contract over the three-month forward to a record high $338.74 a ton.
