Sell Copper Jul @ 886 SL 890 TGT 880-876. MCX - Kedia Advisory
ALUMINIUM
SELL ALUMINIUM JUL @ 249 SL 251 TGT 247-245. MCX
OBSERVATIONS
Aluminium trading range for the day is 247.3-249.9.
Aluminium dropped pressure from rising available inventories in warehouses approved by LME.
Pressure also seen amid renewed global trade tensions dampened risk appetite.
Data in China showed that the economy slowed less than expected in the second quarter.
COPPER
SELL COPPER JUL @ 886 SL 890 TGT 880-876. MCX
OBSERVATIONS
Copper trading range for the day is 877.3-888.1.
Copper moved little as markets digested Trump’s 50% copper import tariff.
Goldman Sachs cut its August LME copper price forecast to $9,550/t from $10,050/t on tariff impact.
Goldman maintained its long COMEX-LME copper arbitrage trade, citing market underpricing of the 50% duty.
ZINC
SELL ZINC JUL @ 257 SL 259 TGT 255-253. MCX
OBSERVATIONS
Zinc trading range for the day is 253.9-258.7.
Zinc dropped as China’s economy slowed less than expected in the second quarter.
China’s policy support and front-loaded exports cushioned growth, but weaker second-half outlook weighs on sentiment.
Shanghai Futures Exchange zinc inventories rose sharply by 10.20% from last Friday, highlighting sluggish factory demand.
