Sell Aluminium OCT @ 348 SL 351 TGT 345-343. MCX - Kedia Advisory
ALUMINIUM
SELL ALUMINIUM OCT @ 348 SL 351 TGT 345-343. MCX
Observations
Aluminium trading range for the day is 344.2-348.4.
Aluminium dropped as the supply outlook could improve as several smelters restart and ramp up previously curtailed capacity.
Increased Chinese exports could also help ease supply shortages from the Gulf.
Aluminium inventories in warehouses monitored by the Shanghai Futures Exchange fell 4.7% from last Friday.
COPPER
SELL COPPER OCT @ 1410 SL 1418 TGT 1402-1395. MCX
Observations
Copper trading range for the day is 1382.6-1428.4.
Copper fell as weak economic data from China, rising oil prices and the stronger dollar reinforced weak demand prospects.
China's industrial profit growth slowed further in August.
Operations at BHP's Escondida mine in Chile are being resumed progressively as assessments continue.
ZINC
SELL ZINC OCT @ 418 SL 422 TGT 414-412. MCX
Observations
Zinc trading range for the day is 410.2-424.8.
Zinc dropped as softening economic data from China weighed on the demand outlook.
Zinc inventories in warehouses monitored by the Shanghai Futures Exchange fell 1.9% from last Friday.
However downside seen limited amid supply fears after smelter Nyrstar said it was launching a strategic review of its Dutch zinc smelting operations.
