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ALUMINIUM

OBSERVATIONS

Aluminium trading range for the day is 202-205.6.

Aluminium prices dropped as the outlook worsened, with supply set to outweigh demand

LME aluminium stocks have also been rising since the beginning of the year, after dropping to significant lows in 2022

Increased availability for units on the exchange and in the physical market has also prompted weaker premiums for the light metal.

BUY ALUMINIUM OCT @ 202 SL 200 TGT 204-206. MCX

Copper

OBSERVATIONS

Copper trading range for the day is 693.2-712.

Copper prices inched lower weighed down by rising inventory in London

Although losses were cushioned by a soft U.S. dollar and expectations of more stimulus in China.

LME Copper inventories rose to 179,675 tons, the highest since May 2022, having more than tripled in just three months.

BUY COPPER OCT @ 698 SL 683 TGT 704-708. MCX 

ZINC

OBSERVATIONS

Zinc trading range for the day is 218.7-222.9.

Zinc prices dropped as global refined zinc markets are likely to see surpluses in both 2023 and 2024

Total LME stocks have risen to 99,100 tonnes, 3 up from 30,475 tonnes on January 3.

Stocks were increasing all year before reaching their highest point on August 31, when total inventory closed at 153,975 tonnes.

BUY ZINC OCT @ 219 SL 217 TGT 221-223. MCX