SELL COPPER SEP @ 1395 SL 1405 TGT 1385-1375. MCX - Kedia Advisory
Aluminium
SELL ALUMINIUM SEP @ 347 SL 350 TGT 344-342. MCX
Observations
Aluminium trading range for the day is 342.9-347.5.
Aluminium gained as aluminium inventories in warehouses monitored by the Shanghai Futures Exchange fell 3% from last Friday.
Prices also gained supported by China pledging fiscal policy measures to strengthen economic growth.
Global primary aluminium output in July fell 1.7% year on year to 6.16 million tonnes.
Copper
SELL COPPER SEP @ 1395 SL 1405 TGT 1385-1375. MCX
Observations
Copper trading range for the day is 1381.3-1404.9.
Copper dropped on profit booking after more hawkish tone from Fed Chair Warsh strengthened expectations for a rate hike next month.
Available copper in LME-registered warehouses was at 107,050 tons, down from 166,775 tons a week earlier.
Copper stocks in SHFE-monitored warehouses fell by 19.1% to 72,428 tons in the week.
Zinc
SELL ZINC SEP @ 416 SL 419 TGT 413-410. MCX
Observations
Zinc trading range for the day is 407.7-423.1.
Zinc dropped on profit booking after prices rallied as available stocks on LME shrank, renewing investor concerns over market tightness.
Zinc inventories in warehouses monitored by the Shanghai Futures Exchange fell 1.5% from last Friday.
Chinese zinc exports have helped cool fears of a shortage, even as supply tightness and speculative positioning continue to support prices.
