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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