Buy Aluminium OCT @ 201 SL 199 TGT 204-206. MCX - Kedia Advisory
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ALUMINIUM
OBSERVATIONS
Aluminium trading range for the day is 201-203.2.
Aluminium dropped as the outlook of a hawkish Fed and a slowing Chinese economy.
China's primary aluminium output in September rose 5.3% from a year earlier
Primary aluminium output totalled 30.81 million tons in the first nine months of 2023, up 3.3% from 2022
BUY ALUMINIUM OCT @ 201 SL 199 TGT 204-206. MCX
COPPER
OBSERVATIONS
Copper trading range for the day is 691.2-701.6.
Copper prices lower weighed down by worries about high interest rates, sluggish global growth
China's gross domestic product grew 4.9% in July-September.
Copper inventories in warehouses monitored by the Shanghai Futures Exchange rose 2.3% from last Friday.
BUY COPPER OCT @ 692 SL 687 TGT 698-702. MCX
ZINC
Zinc trading range for the day is 216.4-221.6.
Zinc gains as the support comes from hopes for China's economic recovery.
Also, expectations of reduced production from Europe and Australia limit the decline.
The global refined zinc market is headed for a surplus of 248,000 metric tons this year
BUY ZINC OCT @ 218 SL 215 TGT 222-224. MCX
