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ALUMINIUM

OBSERVATIONS

Aluminium trading range for the day is 230.9-239.1.

Aluminium dropped following insufficient stimulus details from Beijing, with downbeat Chinese economic data adding to the decline.

China pledged to "significantly increase" debt, but left investors guessing on the overall size of the stimulus.

China's deflationary pressures worsened in September, heightening pressure on authorities to roll out more stimulus quickly.

BUY ALUMINIUM OCT @ 234 SL 232 TGT 236-238. MCX

COPPER

OBSERVATIONS

Copper trading range for the day is 808.4-830.4.

Copper prices slipped pressured uncertainty about China's economic recovery following lacklustre data.

Data showed China's export growth slowed sharply in September and imports decelerated unexpectedly.

China's unwrought copper imports rose in September to 479,000 tons, up 15.4% from August.

BUY COPPER OCT @ 815 SL 810 TGT 820-824. MCX

ZINC

OBSERVATIONS

Zinc trading range for the day is 275-286.

Zinc dropped as China’s stimulus announcements over the weekend failed to inspire market confidence.

BMI hiked its zinc price forecast for 2024 to $2,700, citing that tighter market fundamentals propel prices higher.

Goldman Sachs raised China's gross domestic product forecast to 4.9% from 4.7% for 2024

BUY ZINC OCT @ 280 SL 278 TGT 283-285. MCX