Buy Copper Nov @ 998 SL 993 TGT 1004-1008. MCX - Kedia Advisory
ALUMINIUM
BUY ALUMINIUM NOV @ 266 SL 264 TGT 268-270. MCX
OBSERVATIONS
Aluminium trading range for the day is 263.5-270.5.
Aluminium prices rose supported by growing prospects of a December U.S. rate cut following dovish signals from central bank officials.
Prices also gained supported by concerns that Chinese smelters are nearing government-imposed capacity limits, constraining supply.
Global primary aluminium output in October rose 0.6% year on year to 6.294 million tonnes – IAI
COPPER
BUY COPPER NOV @ 998 SL 993 TGT 1004-1008. MCX
OBSERVATIONS
Copper trading range for the day is 995.8-1004.6.
Copper prices slipped as funds took profits on long positions despite expectations of U.S. interest rate cuts next month.
Freeport McMoRan recently said it plans to resume production at Indonesia’s Grasberg mine by July 2026.
Speculators increased their net long positions in COMEX copper by 8,536 contracts to 58,648 contracts.
ZINC
BUY ZINC NOV @ 303 SL 301 TGT 305-307. MCX
OBSERVATIONS
Zinc trading range for the day is 294.2-311.6.
Zinc dropped as rising zinc stocks in LME registered warehouses, at 47,425 tons for a gain of 40% since the start of November.
However, the premium for cash zinc contract over the three-month at around $135 a ton is still elevated.
The global zinc market surplus declined to 20,300 metric tons in September from 32,700 tons in August
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