Sell Copper Aug @ 880 SL 885 TGT 874-870. MCX - Kedia Advisory
ALUMINIUM
SELL ALUMINIUM AUG @ 251 SL 253 TGT 249-247. MCX
Observations
Aluminium trading range for the day is 247.8-254.8.
Aluminium dropped after data showing that manufacturing activity in China shrank for a fourth month.
However downside seen limited amid the outlook of lower supply and improved demand from China.
Aluminium inventories in warehouses monitored by the Shanghai Futures Exchange rose 6.4% from last Friday.
COPPER
SELL COPPER AUG @ 880 SL 885 TGT 874-870. MCX
Observations
Copper trading range for the day is 843.7-912.3.
Copper fell after President Trump excluded refined copper from the tariff package that will start on Friday.
The tariffs will apply to imports of semi-finished copper products in wires and pipes, but will refrain from taxing ore, cathodes.
Copper output in Chile, fell 6% year-on-year in June to 424,390 metric tons.
ZINC
SELL ZINC AUG @ 267 SL 269 TGT 265-263. MCX
Observations
Zinc trading range for the day is 263.2-267.4.
Zinc dropped after China's July PMI showed that manufacturing activity shrank for a fourth month to 49.3.
Zinc inventories in warehouses monitored by the Shanghai Futures Exchange rose 8.8% from last Friday.
Zinc supply is tightening as Chinese smelters face pressure to cut production due to capacity outpacing demand.
