Buy Copper OCT @ 695 SL 690 TGT 700-705. MCX - Kedia Advisory
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Aluminium
Observation
Aluminium trading range for the day is 203.9-206.9.
Aluminium settled flat as the outlook of a hawkish Fed lifted the US dollar and hampered industrial sentiment.
China halted the expansion of production capacity beyond the current limit of 45 million tons
The HCOB Eurozone Manufacturing PMI was confirmed at 43.4 in September 2023
BUY ALUMINIUM OCT @ 204 SL 202 TGT 206-208. MCX
Cotton
Observation
Copper trading range for the day is 691.1-705.7.
Copper fell as concerns of high interest rates for a prolonged period from Fed hampered the demand outlook.
The concerning outlook in China also pressured demand amid fears of financial contagion from indebted property developers.
In the shorter term, output from Codelco sank by 14% in the first half of the year, stretching the 7% decline from 2022.
BUY COPPER OCT @ 695 SL 690 TGT 700-705. MCX
Zinc
Observation
Zinc trading range for the day is 219.8-224.
Zinc dropped as dollar rose on the back of upbeat U.S. job openings data.
Zinc retreated as the market factored in increasing supplies of the metal used to galvanise steel and mounting stocks
Combined zinc inventories in LME and warehouses monitored by
ShFE fell back in the second and third quarters
BUY ZINC OCT @ 220 SL 218 TGT 223-225. MCX
