Buy Zinc Dec @ 300 SL 298 TGT 302-304. MCX - Kedia Advisory
ALUMINIUM
BUY ALUMINIUM DEC @ 271 SL 269 TGT 273-275. MCX
OBSERVATIONS
Aluminium trading range for the day is 266.8-275.2.
Aluminium gains supported by growing prospects of a December U.S. rate cut following dovish signals from central bank officials.
Prices also gained supported by concerns that Chinese smelters are nearing government-imposed capacity limits, constraining supply.
Support also seen helped by prospects of improved demand and limited output growth in China.
COPPER
BUY COPPER DEC @ 1018 SL 1012 TGT 1026-1032. MCX
OBSERVATIONS
Copper trading range for the day is 1007.8-1029.2.
Copper rose on growing expectations that the U.S. Fed will cut interest rates in December.
Support also seen boosted by worries over tighter copper supply from the Grasberg mine in Indonesia this year and next.
Copper stocks in the LME-registered warehouses are down 42% this year after outflows to Comex copper stocks.
ZINC
BUY ZINC DEC @ 300 SL 298 TGT 302-304. MCX
OBSERVATIONS
Zinc trading range for the day is 295.4-304.4.
Zinc gained as Global zinc market surplus declined to 20,300 metric tons in September from 32,700 tons in August.
However, 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.
