Sell Aluminium SEP @ 261 SL 263 TGT 259-257. MCX - Kedia Advisory
Aluminium
SELL ALUMINIUM SEP @ 261 SL 263 TGT 259-257. MCX
OBSERVATIONS
Aluminium trading range for the day is 258.8-261.6.
Aluminium gains as China's aluminium production fell by 0.5 % to 3.8 million metric tons in August.
Prices gained as speculative bullish positions and quick demand for physical aluminium.
Aluminium stocks at three major Japanese ports rose to 335,300 metric tons at the end of August, up 6.3% from the previous month.
Copper
SELL COPPER SEP @ 918 SL 922 TGT 914-910. MCX
OBSERVATIONS
Copper trading range for the day is 910.5-922.5.
Copper prices retreated amid profit-taking after prices rose amid bets of a U.S. rate cut
Chile expects copper output to expand this year despite setbacks at two major mines
Copper inventories in warehouses monitored by the Shanghai Futures Exchange rose 14.9% from last Friday.
Zinc
SELL ZINC SEP @ 284 SL 286 TGT 282-280. MCX
OBSERVATIONS
Zinc trading range for the day is 279.7-286.1.
Zinc gains amid weakening US dollar and tightening supply conditions in China.
China is expected to reduce output following Beijing’s renewed efforts to curb overcapacity in key industrial sectors.
Industrial production in August fell to a one-year low, missing market expectations
