Buy Aluminium NOV @ 323 SL BELOW 320 TGT 328. MCX - Kedia Advisory
ALUMINIUM
BUY ALUMINIUM NOV @ 323 SL BELOW 320 TGT 328. MCX
Observations
Aluminium trading range for the day is 319.50-330.50.
Aluminium gains as Global primary aluminium output in September fell 1.4% year on year to 6.014 million tonnes.
Aluminium inventories in warehouses monitored by the Shanghai Futures Exchange fell 10.2% from last Friday.
EGA has restarted 631 of 1,262 reduction cells at its Al Taweelah smelter, restoring 50% of capacity.
COPPER
BUY COPPER NOV @ 1375 SL BELOW 1368 TGT 1388. MCX
Observations
Copper trading range for the day is 1360.00-1401.50.
Copper prices bounced as stock markets stabilised and the build-up of inventories slowed.
In China, inventories in warehouses registered with the Shanghai Futures Exchange tumbled by 26.5%.
The Yangshan copper premium, a closely watched gauge of appetite for imports of the metal in top consumer China, hit its highest level in more than 12 years.
ZINC
BUY ZINC NOV @ 398 SL BELOW 394 TGT 405. MCX
Observations
Zinc trading range for the day is 386.50-408.50.
Zinc gains as global refined zinc market swung to a deficit of 3,900 metric tons in August from a surplus.
Zinc inventories in warehouses monitored by the Shanghai Futures Exchange fell 4.8% from last Friday.
LME cash contracts traded at a premium to three-month contracts, signalling tightness in immediate availability.
