Buy Copper SEP @ 912 SL 908 TGT 916-919. MCX - Kedia Advisory
ALUMINIUM
BUY ALUMINIUM SEP @ 260 SL 258 TGT 262-264. MCX
OBSERVATIONS
Aluminium trading range for the day is 258.6-262.6.
Aluminium gained as speculative bullish positions and quick demand for physical aluminium.
EU aluminium sector urges 30% export duty on scrap metal to protect local producers.
Aluminium inventories in warehouses monitored by the Shanghai Futures Exchange rose 3.3% from last Friday.
COPPER
BUY COPPER SEP @ 912 SL 908 TGT 916-919. MCX
OBSERVATIONS
Copper trading range for the day is 908.8-922.4.
Copper prices gained as tightening global supply underpinned prices.
China reported around a 5% drop in September production, cutting about 500,000 tonnes of refined copper.
The decline comes as inventories remain near multi-year lows, with LME stockpiles about 40% below their five-year average.
ZINC
BUY ZINC SEP @ 279 SL 277 TGT 281-283. MCX
OBSERVATIONS
Zinc trading range for the day is 276.1-282.5.
Zinc gains fuelled by investor expectations of U.S. interest rate cuts and concern over possible supply shortages.
China to deepen fiscal reforms, use policy tools to support consumption, investment
Zinc inventories in warehouses monitored by the Shanghai Futures Exchange rose 8.8% from last Friday.
