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ALUMINIUM

SELL ALUMINIUM AUG @ 250 SL 252 TGT 248-246. MCX

OBSERVATIONS

Aluminium trading range for the day is 246-254.

Aluminium slid as the prospect of an end to the Ukraine war might allow major producer Russia to boost supply.

China's imports of unwrought aluminium and products in July surged 38.2% from the prior year.

Aluminium stocks at three major Japanese ports fell to 315,400 metric tons at the end of July, down 0.4%.

COPPER

SELL COPPER AUG @ 876 SL 880 TGT 872-868. MCX

OBSERVATIONS

Copper trading range for the day is 866.8-886.2.

Copper dropped as output in Peru, rose 7.1% year-on-year in June

China's refined copper production in July rose by 14% from the year

However, China's latest pledge to continue to boost consumption reignited demand hopes.

ZINC

SELL ZINC AUG @ 265 SL 267 TGT 263-261. MCX

OBSERVATIONS

Zinc trading range for the day is 262.3-266.5.

Zinc dropped as total zinc ingot inventory in seven locations was 135,400 mt, an increase of 16,300 mt from August 11.

Expectations for an interest rate cut fluctuated on the macro level, and the US dollar index rose, putting pressure on prices.

Pressure also seen as a wave of underwhelming economic data from China fueled concerns over softening demand.