Buy Aluminium Oct @ 322 SL 319 TGT 326-328. MCX - Kedia Advisory
Aluminium
BUY ALUMINIUM OCT @ 322 SL 319 TGT 326-328. MCX
Observations
Aluminium trading range for the day is 319.9-332.9.
Aluminium fell as some easing in passage restrictions in Hormuz has reconnected Gulf smelters to the world.
New supply from Indonesia is also ramping up, with exports topping 150,000 tons in August.
Inventories in warehouses monitored by the Shanghai Futures Exchange fell 7.8% from last release on Sep 30
Copper
BUY COPPER OCT @ 1412 SL 1406 TGT 1420-1426. MCX
Observations
Copper trading range for the day is 1409.7-1428.1.
Copper dropped as dollar hovered near an 18-month high, underpinned by safe-haven demand amid escalating tensions in the Middle East.
Supply concerns remained in focus after Chile's Codelco partially suspended operations at its El Teniente mine following a landslide.
LME copper stocks declined by 1,625 tons to 232,275 tons, leaving inventories outside the US tight
Zinc
BUY ZINC OCT @ 414 SL 411 TGT 417-420. MCX
Observations
Zinc trading range for the day is 412.5-422.9.
Zinc dropped as global zinc market shifted into a modest surplus in July, as refined supply slightly exceeded demand.
In July, the global zinc market recorded a surplus of 13,000 mt.
Zinc inventories in warehouses monitored by the Shanghai Futures Exchange rose 1.8% from last release on Sep 30.
