Sell Aluminium Nov @ 272 SL 274 TGT 270-268. MCX - Kedia Advisory
ALUMINIUM
SELL ALUMINIUM NOV @ 272 SL 274 TGT 270-268. MCX
OBSERVATIONS
Aluminium trading range for the day is 268.3-274.1.
Aluminium gained amid a backdrop of tight supply in the near term and bullish longer term demand.
However upside seen limited amid a jump in LME inventories by a fifth, due to a 102,275-ton inflow to warehouses in Malaysia.
Aluminium inventories in warehouses monitored by the Shanghai Futures Exchange fell 3.89% from last Friday.
COPPER
SELL COPPER NOV @ 1016 SL 1022 TGT 1009-1005. MCX
OBSERVATIONS
Copper trading range for the day is 1005-1016.8.
Copper settled flat after the Federal Reserve tempered rate-cut expectations, helping to boost the US dollar.
Fed Chair Jerome Powell warned that investors need to rein in expectations for a December rate cut.
Copper inventories in warehouses monitored by the Shanghai Futures Exchange rose 10.83% from last Friday.
ZINC
SELL ZINC NOV @ 301 SL 303 TGT 299-297. MCX
OBSERVATIONS
Zinc trading range for the day is 297.5-304.3.
Zinc prices gained as zinc inventories in warehouses monitored by the Shanghai Futures Exchange fell 5.27%.
China's factory activity shrank for a seventh month in October, dragged down by a drop in new export orders.
Inventories have plunged to extremely low levels in the global zinc market outside China.
