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ALUMINIUM

OBSERVATIONS

Aluminium trading range for the day is 70.1-70.1.

Aluminium gains as China's Yunnan begins aluminium production cuts as dry season begins

Global aluminium production has ramped up this year as smelters come back on line in Europe

Market surpluses of 338,000 tons this year and 250,000 tons in 2024, an about-face from deficits 191,750 tons

BUY ALUMINIUM JAN @ 205 SL 203 TGT 208-210. MCX

COPPER

OBSERVATIONS

Copper trading range for the day is 238.4-238.4.

Copper prices gains as Copper output in Chile, rose 4.1% year-on-year in September to 457,393 tons.

The Caixin/S&P Global manufacturing PMI fell to 49.5 in October from 50.6 in September.

Copper price seen at average $8,625/T in 2024, up 7%

BUY COPPER JAN @ 703 SL 698 TGT 710-713. MCX

ZINC

OBSERVATIONS

Zinc trading range for the day is 74.3-74.3.

Zinc gains as Nyrstar says to suspend operations at two U.S. zinc mines

Global zinc market surplus widens in August – ILZSG

The global zinc market to show a surplus of 148,000 metric tons this year and 238,000 tons in 2024.

BUY ZINC JAN @ 220 SL 218 TGT 223-224. MCX