IGI Logo

ALUMINIUM

OBSERVATIONS

* Aluminium trading range for the day is 203.2-205.6.

* Aluminium gains as the market factored in seasonally stronger demand But gains seen capped by robust supplies from top producer China.

* Aluminium inventory has grown 85% so far this year to 184,358 metric tons in ShFe warehouses.

SELL ALUMINIUM MAR @ 205 SL 207 TGT 203-201. MCX

COPPER

OBSERVATIONS

* Copper trading range for the day is 729.6-766.6.

* Copper prices soared after Chinese smelters, agreed on a joint production cut.

* The rise started on SHFE, where copper reached a two-year high of 70,460 yuan ($9,796) per ton. Copper inventory in SHFE rose steeply to 239,245 tonnes from 30,905 tonnes in the beginning of the year.

SELL COPPER MAR @ 755 SL 760 TGT 750-745. MCX

ZINC

OBSERVATIONS

* Zinc trading range for the day is 222.4-226.2.

* Zinc gains as Seokpo smelter in South Korea has cut its output by a fifth.

* The considerate cut by the smelter could narrow the expected market's surplus of 300,000 ton 

* Zinc was underpinned by hopes of higher demand since the latest remarks from Fed policymakers

SELL ZINC MAR @ 226 SL 229 TGT 223-221. MCX