Sell Aluminium SEP @ 349 SL 352 TGT 346-343. MCX - Kedia Advisory
ALUMINIUM
SELL ALUMINIUM SEP @ 349 SL 352 TGT 346-343. MCX
Observations
Aluminium trading range for the day is 345.5-351.1.
Aluminium dropped as EGA and Alba maintain upbeat restart and ramp up expectations.
However, downside seen limited on supply tightness and availability concerns.
The cash-to-three-month aluminium spread has flipped into a slight backwardation, signalling tightening availability.
COPPER
SELL COPPER SEP @ 1385 SL 1395 TGT 1375-1365. MCX
Observations
Copper trading range for the day is 1369-1388.6.
Copper dropped as dollar index rose, rebounded from a two-week low after stronger-than-expected US employment data.
U.S. copper imports in July hit their highest level on record.
Shanghai Futures Exchange data showed copper inventories fell 13% from last week to 63,000 tons, the lowest since January 2024.
ZINC
SELL ZINC SEP @ 420 SL 423 TGT 417-414. MCX
Observations
Zinc trading range for the day is 412.4-421.8.
Zinc prices gained supported by concerns about supply tightness.
Zinc inventories in warehouses monitored by the Shanghai Futures Exchange fell 3.3% from last Friday, the exchange said.
Global supply is tightening, with Glencore, Boliden and MMG reporting lower production.
