Buy Zinc NOV @ 223 SL 221 TGT 226-228. MCX - Kedia Advisory
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ALUMINIUM
OBSERVATIONS
Aluminium trading range for the day is 202-204.4.
Aluminium settled flat as global aluminium output rises 3.9% year on year in October
Data showed that China imported 1.17 million mt of primary aluminum in January-October, up 173% YoY.
Chinese regulators including the People's Bank of China are drafting a "whitelist" lending support to 50 property developers
BUY ALUMINIUM NOV @ 202 SL 200 TGT 204-205. MCX
COPPER
OBSERVATIONS
Copper trading range for the day is 710.1-718.3.
Copper gains after Fed minutes showed a cautious approach to more interest rate hikes.
The discount for near-term delivery versus the LME three-month copper contract broke through the $100 mark and reached $100.5
The global refined copper market showed a 55,000 metric tons deficit in September.
BUY COPPER NOV @ 710 SL 706 TGT 715-720. MCX
ZINC
OBSERVATIONS
Zinc trading range for the day is 222.2-227.4.
Zinc gained on optimism for further stimulus measures for the property sector in China.
Some smelters in Yunnan have received notification about power rationing.
China's refined zinc output was 604,600 mt in October, a growth of 60,600 mt or 11.14% month-on-month
BUY ZINC NOV @ 223 SL 221 TGT 226-228. MCX
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