BUY ALUMINIUM OCT @ 338 SL 335 TGT 341-344. MCX - Kedia Advisory
Aluminium
BUY ALUMINIUM OCT @ 338 SL 335 TGT 341-344. MCX
Observations
Aluminium trading range for the day is 336.5-343.7
Aluminium dropped weighed by easing worries about supply and expectations of new production capacity in Indonesia.
Japanese aluminium buyers agree to pay Q4 premiums of $255/T, 35% lower than Q3
Macquarie downgraded their forecast for this year's deficit in the global aluminium market to 820,000 tons, down 120,000 tons from their June estimate
Copper
BUY COPPER OCT @ 1415 SL 1408 TGT 1425-1435. MCX
Observations
Copper trading range for the day is 1405.3-1429.7.
Copper gains as workers at Chile's Centinela copper mine strike after talks fail
Inventories in LME registered warehouses have shed 36% since early June
Stocks in storage facilities linked to the Shanghai Futures Exchange have slumped by 79% in the same period.
Zinc
BUY ZINC OCT @ 418 SL 415 TGT 421-424. MCX
Observations
Zinc trading range for the day is 415-422.2
Zinc gained supported by tightening supply and disruptions across major producing regions.
However upside seen limited as dollar gained aided by higher oil prices, and remarks from policymakers for signals on a potential rate hike.
China's official manufacturing purchasing managers' index rose to 50.1 in September from 49.8 in August.
