Sell Zinc Jul @ 257 SL 259 TGT 255-253. MCX - Kedia Advisory
ALUMINIUM
SELL ALUMINIUM JUL @ 249 SL 251 TGT 247-245. MCX
Observations
Aluminium trading range for the day is 247-250.
Aluminium dropped as LME stocks climbed more than 20,000 tons to 356,975 tons since June 25.
Aluminium inventories in warehouses monitored by the Shanghai Futures Exchange rose 0.40% from last Friday.
The manufacturing PMI compiled by the official Chinese NBS reflected another month of contraction in the sector.
COPPER
SELL COPPER JUL @ 893 SL 898 TGT 888-884. MCX
Observations
Copper trading range for the day is 882.2-902.2.
Copper slipped as renewed demand concerns weighed on sentiment.
Copper inventories in warehouses monitored by the Shanghai Futures Exchange rose 3.7% from last Friday.
The COMEX copper premium over LME prices stood at around $1,300 a ton, while canceled warrants, totalled 31,900 tons.
ZINC
SELL ZINC JUL @ 257 SL 259 TGT 255-253. MCX
Observations
Zinc trading range for the day is 254.8-259.4.
Zinc prices dropped as SHFE inventories rose 4% from last Friday
Dollar index rebounded after stronger-than-expected US jobs data eased labor market slowdown worries.
China’s official PMI stayed in contraction, keeping zinc demand outlook pressured by manufacturing weakness.
