Buy Zinc Dec @ 296 SL 294 TGT 298-300. MCX - Kedia Advisory
ALUMINIUM
BUY ALUMINIUM DEC @ 267 SL 265 TGT 269-271. MCX
OBSERVATIONS
Aluminium trading range for the day is 265.3-271.9.
Aluminium dropped as concern about demand in top metals consumer China weighed on the market.
However downside seen limited supported by concerns that Chinese smelters are nearing government-imposed capacity limits, constraining supply.
Global primary aluminium output in October rose 0.6% year on year to 6.294 million tonnes
COPPER
BUY COPPER DEC @ 1006 SL 1000 TGT 1014-1020. MCX
OBSERVATIONS
Copper trading range for the day is 1004.8-1021.2.
Copper prices gained supported by ongoing outflows to U.S. inventories.
Copper stocks in the LME are down 42% so far this year amid outflows to the Comex copper stocks.
This activity saw the premium for the LME cash copper contract over the three-month forward rising to $25 a ton, its highest since mid-October.
ZINC
BUY ZINC DEC @ 296 SL 294 TGT 298-300. MCX
OBSERVATIONS
Zinc trading range for the day is 294-300.8.
Zinc gained as global zinc market surplus declined to 20,300 metric tons in September from 32,700 tons in August.
However, upside seen limited as rising zinc stocks in LME at 47,425 tons for a gain of 40% since the start of November.
Global refined zinc metal production is projected to rise 2.7% to 13.8 million mt in 2025.
