Buy Aluminium NOV @ 203 SL 201 TGT 206-208. MCX - Kedia Advisory
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ALUMINIUM
OBSERVATIONS
Aluminium trading range for the day is 201.3-206.5.
Aluminium gains as aluminum ingot and billet pick-ups from social warehouses decreased.
Aluminium ingot inventory stood at 626,000 mt, down 10,000 mt from October 16
Global aluminium output rises 2.7% year on year in September
BUY ALUMINIUM NOV @ 203 SL 201 TGT 206-208. MCX
COPPER
OBSERVATIONS
Copper trading range for the day is 697.1-711.7.
Copper gains as Copper market in 33,000 metric tons deficit in Aug 2023
LME copper inventories eased to 190,450 tons, but were up 157% from July-end.
China's copper cathode output in September was 1.01 million mt, an increase of 2.3% month-on-month
BUY COPPER NOV @ 702 SL 697 TGT 706-710. MCX
ZINC
Zinc trading range for the day is 218.9-222.3.
Zinc prices recovers on short covering after pressure seen as the global zinc market surplus widened
During the first eight months of the year, the global surplus was 489,000 tons, up from a surplus of 156,000 tons.
Germany's economy is likely to contract in the third quarter amid falling industrial production, shrinking construction and weak consumption.
BUY ZINC NOV @ 218 SL 215 TGT 222-224. MCX
