BUY COPPER OCT @ 803 SL 798 TGT 808-812. MCX - Kedia Advisory
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Aluminium
Observations
Aluminium trading range for the day is 236.3-243.5.
Aluminium prices rose as news of alumina shortages triggered systematic buying from funds.
Prices of alumina, have rallied 17% in China this month due to upstream disruptions in Australia and Guinea.
LME data showed one large futures position at more than 40% of open interest to buy aluminium in December
BUY ALUMINIUM OCT @ 239 SL 237 TGT 241-243. MCX
COPPER
OBSERVATIONS
Copper trading range for the day is 793.6-824.4.
Copper slipped weighed down by a rallying dollar as traders dialed back bets on aggressive rate cuts from Fed.
Copper market in 54,000 metric tons surplus in Aug 2024 – ICSG
China Sept refined copper output up 0.4% y/y at 1.14 mln tons
BUY COPPER OCT @ 803 SL 798 TGT 808-812. MCX
ZINC
OBSERVATIONS
Zinc trading range for the day is 284.5-295.7.
Zinc prices dropped as China's refined zinc production in September increased by over 2% MoM.
Australia's Century zinc operation has declared force majeure after a fire damaged its piping equipment.
The Chinese government increased the loan quota for eligible property developers through commercial banks in its latest round of support measures.
BUY ZINC OCT @ 289 SL 287 TGT 292-294. MCX
