Buy Copper NOV @ 802 SL 798 TGT 807-810. MCX - Kedia Advisory
Aluminium
OBSERVATIONS
Aluminium trading range for the day is 234.3-240.1.
Aluminium dropped on disappointment over China's fiscal support
The total alumina inventory at domestic ports amounted to 50,500 tonnes, an increase of 20,500 tonnes compared to the week.
China’s aluminum production in October 2024 increased by 1.69% YoY.
BUY ALUMINIUM NOV @ 236 SL 234 TGT 238-240. MCX
Copper
OBSERVATIONS
Copper trading range for the day is 792.5-829.5.
Copper slipped after new bank lending in China fell more than expected in October, highlighting weak demand.
Chinese banks extended 500 billion yuan ($69.51 billion) in new yuan loans last month, greatly lagging the forecast for 700 billion yuan.
Chile's state-run copper giant increased production by 5.2% year-on-year in September for a total of 123,100 metric tons.
BUY COPPER NOV @ 802 SL 798 TGT 807-810. MCX
Zinc
OBSERVATIONS
Zinc trading range for the day is 270.9-281.3.
Zinc dropped as markets assessed the impact that fresh stimulus from China may have on metal demand.
Zinc ingot inventory in seven regions was 120,000 mt, an increase of 1,100 mt compared to October 31.
China’s official construction PMI falling to a record low of 50.4 and house prices sinking by 5.7% annually
BUY ZINC NOV @ 274 SL 272 TGT 277-280. MCX
