Sell ZINC Sep @ 269 SL 271 TGT 266-264. MCX - Kedia Advisory
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ALUMINIUM
Observation
Aluminium trading range for the day is 227.4-234.6.
Aluminium dropped as Japan's August aluminium stocks up 9.2% m/m
However downside seen limited supported by lower inventory, and expectations the Fed will announce a bigger rate cut.
China's manufacturing data sank to a six-month low last month
SELL ALUMINIUM SEP @ 231 SL 233 TGT 229-227. MCX
COPPER
Observation
Copper trading range for the day is 800.7-817.1.
Copper dropped amid disappointing economic data from China
Chile state miner Codelco produced 111,400 metric tons of copper in July, down 10.7% from a year earlier.
Copper inventories in warehouses monitored by the Shanghai Futures Exchange fell 13.9% from last Friday.
SELL COPPER SEP @ 810 SL 814 TGT 805-802. MCX
ZINC
Observation
Zinc trading range for the day is 263.6-274.2.
Zinc dropped as concerns about global economic growth kept industrial metals under pressure.
President Xi Jinping pushed for the country to achieve its annual economic target.
Boliden said the expansion of its Odda zinc smelter in Norway will take longer than expected due to a delay in construction work.
SELL ZINC SEP @ 269 SL 271 TGT 266-264. MCX
