Buy Copper OCT @ 700 SL 696 TGT 705-708. MCX - Kedia Advisory
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Aluminium
Observation
Aluminium trading range for the day is 202.9-205.9.
Aluminium settled flat amid possibility, China could issue new stimulus to boost its economy.
LME aluminium stocks have been rising since the beginning of the year
LME stocks are currently sitting at 502,850 tonnes, a 12% increase from 447,250 tonnes at the beginning of the year.
BUY ALUMINIUM OCT @ 203 SL 201 TGT 205-207. MCX
Copper
Observation
Copper trading range for the day is 695.6-714.6.
Copper dropped on profit booking after prices seen supported on hopes of renewed demand from China.
China's September copper cathode output jumped 13% from a year earlier to a monthly record
Global LME stocks have moved substantially since the start of the year, now at 170,175 tonnes
BUY COPPER OCT @ 700 SL 696 TGT 705-708. MCX
Zinc
Observation
Zinc trading range for the day is 219.5-223.9.
Zinc prices dropped as the outlook for the commodity worsened, with supply set to outweigh demand.
The global refined zinc market is headed for a surplus of 248,000 metric tons this year
Global refined zinc metal production is forecast to rise by 3.7% to 13.84 million tons in 2023
BUY ZINC OCT @ 220 SL 218 TGT 223-225. MCX
