Buy Zinc NOV @ 278 SL 275 TGT 281-283. MCX - Kedia Advisory
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Aluminium
OBSERVATIONS
Aluminium trading range for the day is 236.5-250.1.
Aluminium dropped on disappointment over China's fiscal support
The total alumina inventory at domestic ports amounted to 50,500 tonnes, an increase of 20,500 tonnes compared to the week.
China’s aluminum production in October 2024 increased by 1.69% YoY.
BUY ALUMINIUM NOV @ 240 SL 238 TGT 243-245. MCX
Copper
OBSERVATIONS
Copper trading range for the day is 821.7-855.1.
Copper sank after the Chinese government refrained from delivering fresh direct stimulus to its slowing economy.
National People’s Congress unveiled a CNY 10 trillion debt swap package to assume off-balance sheet debt from local governments.
Chile's Codelco increased production by 5.2% year-on-year in September for a total of 123,100 metric tons
BUY COPPER NOV @ 830 SL 825 TGT 835-840. MCX
Zinc
OBSERVATIONS
Zinc trading range for the day is 275.3-287.5.
Zinc dropped as markets assessed the impact that fresh stimulus from China may have on metal demand.
Zinc ingot inventory in seven regions was 120,000 mt, an increase of 1,100 mt compared to October 31.
China’s official construction PMI falling to a record low of 50.4 and house prices sinking by 5.7% annually.
BUY ZINC NOV @ 278 SL 275 TGT 281-283. MCX
