Buy Zinc OCT @ 408 SL 405 TGT 411-414. MCX - Kedia Advisory
ALUMINIUM
BUY ALUMINIUM OCT @ 335 SL 332 TGT 338-340. MCX
Observations
Aluminium trading range for the day is 333.3-341.7.
Aluminium prices fell amid hopes that supply from the Middle East, a major producer, could improve if tensions ease.
Pressure seen on easing worries about supply from the Gulf region and expectations of new production capacity in Indonesia.
Analysts at Macquarie downgraded their forecast for this year's deficit in the global aluminium market to 820,000 tons, down 120,000 tons
COPPER
BUY COPPER OCT @ 1395 SL 1385 TGT 1405-1415. MCX
Observations
Copper trading range for the day is 1381.2-1417.
Copper prices fell as a stronger dollar and thin trading volumes weighed on sentiment
Supervisors at Chile's Escondida copper mine, rejected a collective contract offer, paving the way for a potential strike.
Copper stocks in SHFE warehouses, declined by 17.8% from last week to 38,744 tons, the lowest since January 2024
ZINC
BUY ZINC OCT @ 408 SL 405 TGT 411-414. MCX
Observation
Zinc trading range for the day is 402.8-421.6.
Zinc dropped after reports Japan's Mitsui Kinzoku expects H2 zinc output up 32% y/y
China's official manufacturing purchasing managers' index rose to 50.1 in September from 49.8 in August.
Zinc inventories in warehouses monitored by the Shanghai Futures Exchange fell 1.8% from last Friday
