Buy Copper NOV @ 1364 SL BELOW 1357 TGT 1375. MCX - Kedia Advisory
ALUMINIUM
BUY ALUMINIUM NOV @ 326 SL BELOW 323 TGT 332. MCX
Observations
Aluminium trading range for the day is 322.00-333.00.
Aluminium gained as an unexpected sweeping Democratic victory in the US midterm elections weighed on the dollar.
Global inventories fell to 44 days of consumption, the lowest level in recent years, as demand remained strong - CBA
The global aluminum deficit narrowed to 338,000 metric tons in the third quarter of 2026, but supply remained tight - CBA
COPPER
BUY COPPER NOV @ 1364 SL BELOW 1357 TGT 1375. MCX
Observations
Copper trading range for the day is 1328.50-1394.00.
Copper gained as copper output in Chile, dropped to its lowest level in at least two decades during the third quarter.
Inventories in SHFE-monitored warehouses down more than 75% in the last six months.
Investors also continued to factor in a potential Federal Reserve rate hike in December amid inflationary pressures.
ZINC
BUY ZINC NOV @ 413 SL BELOW 410 TGT 418. MCX
Observations
Zinc trading range for the day is 404.50-422.50.
Zinc gained as dollar index fell to 101.3, the biggest decline in about a month and its lowest level in five weeks.
China's zinc ore imports have declined since April, squeezing raw material supply and sending treatment charges sharply lower.
However, upside was capped as prospect of a recovery in Chinese mine production and improved concentrate availability could ease supply tightness.
