Buy Copper OCT @ 698 SL 694 TGT 703-706. MCX - Kedia Advisory
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Aluminium
Observations
Aluminium trading range for the day is 203-209.8.
Aluminium eased 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
Copper
Observations
Copper trading range for the day is 691.3-708.9.
Copper prices dropped on growth worries and rising inventories.
Global copper market to see 27,000 metric ton deficit in 2023, says ICSG
World refined copper production is forecast to rise by about 3.8% in 2023 and 4.6% in 2024, the ICSG said.
BUY COPPER OCT @ 698 SL 694 TGT 703-706. MCX
Zinc
Observations
Zinc trading range for the day is 219.6-226.2.
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
