Aluminium trading range for the day is 203.6-208.6 - Kedia Advisory
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Aluminium
OBSERVATIONS
Aluminium trading range for the day is 203.6-208.6.
Aluminum gains recovers on short covering after pressure seen as the outlook of a hawkish Fed lifted the dollar.
Demand for aluminium in China has been surprisingly robust despite the country's property sector crisis
Data showed U.S. employment increased by the most in eight months in September as hiring rose broadly
BUY ALUMINIUM OCT @ 204 SL 202 TGT 206-208. MCX
Copper
OBSERVATIONS
Copper trading range for the day is 703.6-718.2.
Copper rose as markets reassessed the impact of soaring bond yields on the demand for industrial inputs.
Optimistic PMI data from the US underscored the robustness of manufacturers to tighter monetary policy
Output from Codelco sank by 14% in the first half of the year, stretching the 7% decline from 2022
BUY COPPER OCT @ 708 SL 703 TGT 713-718. MCX
Zinc
OBSERVATIONS
Zinc trading range for the day is 220.4-227.
Zinc recovers on short covering after pressure seen as worries over more interest rate hikes by Fed weighed.
Global refined zinc markets are likely to see surpluses in both 2023 and 2024
Zinc is expected to see a surplus of 248,000 tons in 2023 and a surplus of 367,000 tons in 2024.
BUY ZINC OCT @ 221 SL 218 TGT 224-227. MCX
