Sell Zinc Sep @ 273 SL 276 TGT 270-268. MCX - Kedia Advisory
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ALUMINIUM
Observation
Aluminium trading range for the day is 228.5-236.7.
Aluminium inched higher buoyed by tight supply of raw material and expectation of a U.S. interest rate cut next month.
The discount of LME cash aluminium to the three-month contract tightened to $17.08 a ton, indicating tightening nearby supply.
LME aluminium inventory has dropped 22% in three months to 877,950 tons, the lowest since May 8.
SELL ALUMINIUM SEP @ 234.5 SL 236.5 TGT 232-230. MCX
COPPER
Observation
Copper trading range for the day is 810.2-824.8.
Copper gains supported by optimism over a potential U.S. interest rate cut in September that could help lift demand.
Copper inventories in warehouses monitored by the Shanghai Futures Exchange fell 4.3% from last Friday.
China produced 5.9 million tons of refined copper in the first half of the year.
SELL COPPER SEP @ 822 SL 826 TGT 817-812. MCX
ZINC
Observation
Zinc trading range for the day is 266.1-274.5.
Zinc climbed underpinned by prospects of reduced supply and a seasonal uplift in demand in the coming months.
Smelters have already curbed production in July and August, with China's zinc output falling for a second straight month in July
Treatment charges for zinc concentrates have fallen to historical lows amid tight supply.
SELL ZINC SEP @ 273 SL 276 TGT 270-268. MCX
