Copper rose as markets reassessed the impact of China`s economic support on demand - Kedia Advisory
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ALUMINIUM
OBSERVATIONS
Aluminium trading range for the day is 235.2-248.8.
Aluminium dropped on profit booking as the market digested news about China’s scrapping of export rebates.
Aluminium stocks at three major Japanese ports fell to 311,400 metric tons by the end of October, down about 0.5% from the previous month.
Shanghai warehouse aluminium stocks down 13.3%
BUY ALUMINIUM NOV @ 241 SL 239 TGT 244-246. MCX
COPPER
OBSERVATIONS
Copper trading range for the day is 790.8-812.4.
Copper rose as markets reassessed the impact of China’s economic support on demand.
New infrastructure investment in China rose by 4.3% in the first 10 months of the year.
Beijing passed a $1.4 trillion debt package for local governments to swap out hidden debt and lower their financing costs to stimulate the economy.
BUY COPPER NOV @ 802 SL 798 TGT 806-810. MCX
ZINC
OBSERVATIONS
Zinc trading range for the day is 272.9-281.9.
Zinc gains after China announced it will cancel export tax rebates, sparking concerns about global supply disruptions.
Chinese zinc producers are rushing to send 30,000 to 40,000 metric tons of refined zinc to warehouses registered with the ShFE.
China's August zinc consumption shrank by 3% to 581,000 tonnes – WBMS
BUY ZINC NOV @ 276 SL 274 TGT 279-281. MCX
