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ALUMINIUM

BUY ALUMINIUM NOV @ 328 SL BELOW 325 TGT 335. MCX

Observations

Aluminium trading range for the day is 325.50-333.00.

Aluminium dropped amid stronger dollar, and persistent concerns over a CY27 global surplus.

China’s domestic aluminium demand is nearing capacity limits, pushing producers to expand abroad.

Market sentiment was disturbed by Middle East geopolitical risks and US midterm election expectations.

COPPER

BUY COPPER NOV @ 1390 SL BELOW 1382 TGT 1405. MCX

Observations

Copper trading range for the day is 1378.00-1415.00.

Copper dropped as Glencore reported a 3% increase in copper production for the first nine months of the year.

Inventories in warehouses linked to the US Comex exchange have surged 60% so far this year to 726,039 metric tons.

Yangshan copper premium, a gauge of Chinese consumers' appetite for imported units, surged to $205 a ton, its highest in more than a decade.

ZINC

BUY ZINC NOV @ 408 SL BELOW 404 TGT 414. MCX

Observations

Zinc trading range for the day is 399.50-424.50.

Zinc dropped as prospect of a recovery in Chinese mine production and improved concentrate availability could ease supply tightness.

Stocks held on the SHFE dropped 5% from the previous week to 137,139 tonnes, marking their lowest level since March.

China’s refined zinc output fell 1.9% month-on-month and 6.4% year-on-year in September.