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ALUMINIUM

OBSERVATIONS

Aluminium trading range for the day is 204.2-207.8.

Aluminum dropped on profit booking after China's Yunnan smelters cut production

Global aluminium production has ramped up this year as smelters come back on line in Europe

Market surpluses of 338,000 tons this year and 250,000 tons in 2024, an about-face from deficits 191,750 tons

BUY ALUMINIUM NOV @ 205 SL 203 TGT 208-210. MCX

COPPER

OBSERVATIONS

Copper trading range for the day is 706.1-714.1.

Copper rose on forecasts of robust demand and concerns about low supply.

The global refined copper market showed a 33,000 metric tons deficit in August

Beijing stated it would widen its budget for the year to borrow an extra CNY 1 trillion for manufacturing investments, raising buying activity for industrial inputs

BUY COPPER NOV @ 708 SL 705 TGT 712-715. MCX

ZINC

OBSERVATIONS

Zinc trading range for the day is 219.3-226.1.

Zinc dropped on profit booking after prices rose as Nyrstar plans to temporarily close two zinc mines.

Global zinc market surplus widens in August – ILZSG

The global zinc market to show a surplus of 148,000 metric tons this year and 238,000 tons in 2024.

BUY ZINC NOV @ 220 SL 218 TGT 223-225. MCX