Buy Zinc Oct @ 294 SL 292 TGT 296-298. MCX - Kedia Advisory
ALUMINIUM
BUY ALUMINIUM OCT @ 259 SL 257 TGT 261-263. MCX
OBSERVATIONS
Aluminium trading range for the day is 258.4-261.
Aluminium gained due to persistent threats to supply.
Chinese output is expected to slow due to the country’s annual limit of 45 million tons, capping supply growth.
China's manufacturing activity shrank for a sixth month in September, with the Purchasing Managers' Index at 49.8.
COPPER
BUY COPPER OCT @ 985 SL 980 TGT 992-998. MCX
OBSERVATIONS
Copper trading range for the day is 954.8-1011.2.
Copper rose to record high as Grasberg mine accident in Indonesia halts production until 2027
Chile output falls nearly 10% YoY after El Teniente earthquake
Copper stocks in the LME warehouse system have sunk to just over 140,000 tons, the lowest since the start of August
ZINC
BUY ZINC OCT @ 294 SL 292 TGT 296-298. MCX
OBSERVATIONS
Zinc trading range for the day is 288.9-298.3.
Zinc gained as LME zinc inventory has fallen by 61.5% so far this year to 40,350 tons.
Support also seen amid tightening supply conditions in China.
Market expectations of two further Federal Reserve rate cuts this year, also supported prices.
