Buy Copper Oct @ 822 SL 817 TGT 827-832. MCX - Kedia Advisory
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ALUMINIUM
OBSERVATIONS
Aluminium trading range for the day is 234.1-243.5.
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 @ 236 SL 234 TGT 238-240. MCX
COPPER
OBSERVATIONS
Copper trading range for the day is 814.6-844.4.
Copper slipped as pessimistic economic signals from China dampened the demand outlook
China's unwrought copper imports rose in September to 479,000 tons, up 15.4% from August
Chinese exports missed estimates in September, underscoring concerns that factories cannot continue to offset poor domestic demand.
BUY COPPER OCT @ 822 SL 817 TGT 827-832. MCX
ZINC
OBSERVATIONS
Zinc trading range for the day is 277.9-289.7.
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 @ 282 SL 280 TGT 285-287. MCX
