Buy Zinc NOV @ 417 SL BELOW 414 TGT 423. MCX - Kedia Advisory
ALUMINIUM
BUY ALUMINIUM NOV @ 330 SL BELOW 327 TGT 336. MCX
Observations
Aluminium trading range for the day is 323.50-337.00.
Aluminium gains supported by improving macroeconomic sentiment tied to a stock market rally and demand strength in China.
Japan's September aluminium stocks down 9.5% m/m
Global primary aluminium output in September fell 1.4% year on year to 6.014 million tonnes.
COPPER
BUY COPPER NOV @ 1400 SL BELOW 1392 TGT 1414. MCX
Observations
Copper trading range for the day is 1386.00-1416.00.
Copper rose as sentiment around Al stocks recovered and demand strengthened in China.
The surge in the Yangshan premium hit a nearly 13-year high of $188 a ton- highlights the scramble for available metal.
The cash LME copper contract last traded at a $199.50-a-ton premium over the three-month forward.
ZINC
BUY ZINC NOV @ 417 SL BELOW 414 TGT 423. MCX
Observations
Zinc trading range for the day is 406.00-426.00.
Zinc rose supported by declining inventories, high electricity costs and tight near-term supply. Stocks
Stocks held on the SHFE dropped 5% from the previous week to 137,139 tonnes, marking their lowest level since March.
Uncertainty over the future of Nyrstar's loss-making Budel smelter in the Netherlands has also raised some concerns over the supply outlook.
