Sell Copper Jul @ 873 SL 878 TGT 867-862. MCX - Kedia Advisory
Aluminium
OBSERVATIONS
Aluminium trading range for the day is 230.9-235.3.
Aluminium dropped as China's production is closing record highs as idled capacity ramps up in Yunnan.
China’s increased production by 5% year-on-year to 3.65 million metric tons in May
Domestic alumina supply has struggled to keep up with demand from the smelter restarts in Yunnan.
SELL ALUMINIUM JUL @ 234 SL 236 TGT 231-229. MCX
Copper
OBSERVATIONS
Copper trading range for the day is 860.8-882.8.
Copper prices dropped amid persisting weak demand signals from China.
Lacklustre demand in China has led to an inventory build-up.
Investors are hoping that additional stimulus measures will be announced at China's key third plenum meeting on July 15-18.
SELL COPPER JUL @ 873 SL 878 TGT 867-862. MCX
Zinc
OBSERVATIONS
Zinc trading range for the day is 268.2-278.
Zinc dropped as inventory in the Shanghai Bonded Zone was 15,000 mt, up 1,500 mt WoW.
China's MMG Ltd has halted operations at a mill at its Dugald River zinc mine in Australia for about two months of repair work.
Zinc inventories in warehouses registered with LME rebounded 9% to their highest level in nearly three months
SELL ZINC JUL @ 273 SL 276 TGT 270-267. MCX
