Sell Aluminium Sep @ 253 SL 255 TGT 251-249. MCX - Kedia Advisory
Aluminium
SELL ALUMINIUM SEP @ 253 SL 255 TGT 251-249. MCX
Observations
Aluminium trading range for the day is 250.9-254.3.
Aluminium dropped as Global primary aluminium output in July rose 2.5% year on year to 6.373 million tonnes.
However downside seen limited amid support from a weaker dollar magnified the impact of lower supply.
Japanese port aluminium stocks slipped 0.4% in July, indicating tightening supply.
Copper
SELL COPPER SEP @ 894 SL 899 TGT 888-884. MCX
Observations
Copper trading range for the day is 885.7-895.1.
Copper rose tracking weaker dollar and upbeat Chinese seasonal demand outlook.
Yangshan copper premium surged 13% since August 11, signaling stronger imports.
Shanghai copper inventories dropped 5.4% from last week, tightening supply.
Zinc
SELL ZINC SEP @ 269 SL 271 TGT 267-265. MCX
Observations
Zinc trading range for the day is 265.4-271.2.
Zinc prices eased as Shanghai inventories rose 1.3% from last Friday.
Eurozone orders rebounded, boosting activity to fastest pace in 15 months.
Global zinc mine output surged 12% YoY, adding to supply pressures.
