Buy Copper Nov @ 998 SL 994 TGT 1002-1006. MCX - Kedia Advisory
ALUMINIUM
BUY ALUMINIUM NOV @ 272 SL 270 TGT 274-276. MCX
OBSERVATIONS
Aluminium trading range for the day is 270.7-273.9.
Aluminium gains helped by prospects of improved demand and limited output growth in China.
China reiterated its priority of preventing overcapacity in metal production to curb deflationary pressures.
Aluminium inventories in warehouses monitored by the Shanghai Futures Exchange fell 0.20% from last Friday.
COPPER
BUY COPPER NOV @ 998 SL 994 TGT 1002-1006. MCX
OBSERVATIONS
Copper trading range for the day is 995.9-1006.5.
Copper prices rose supported by signs of easing trade tensions between Washington and Beijing.
China’s copper imports dropped in October to 438,000 metric tons in October from 485,000 tons a month earlier, a 9.7% drop.
Chile exported $4.99 billion worth of the metal in October, up 13.5% from the same month a year earlier.
ZINC
BUY ZINC NOV @ 301 SL 299 TGT 304-306. MCX
OBSERVATIONS
Zinc trading range for the day is 300.1-303.5.
Zinc gains as Inventories have plunged to extremely low levels in the global zinc market outside China.
Zinc inventories in warehouses monitored by the Shanghai Futures Exchange fell 3.10% from last Friday.
However downside seen limited amid soft manufacturing PMIs in China and the US pressed against industrial sentiment.
