Sell Aluminium Nov @ 273 SL 275 TGT 271-269. MCX - Kedia Advisory
ALUMINIUM
SELL ALUMINIUM NOV @ 273 SL 275 TGT 271-269. MCX
OBSERVATIONS
Aluminium trading range for the day is 268.5-275.5.
Aluminium gains tracking LME prices rose past $2,900, the highest in over three years amid a backdrop of tight supply in the near term.
Troubles for key refineries also pressured supply, with one of two potlines in Iceland's Grundartangi smelter being suspended due to electrical equipment failure
Alcoa announced it will shut its Kwinana alumina refinery in Australia due to deteriorating bauxite or grades.
COPPER
SELL COPPER NOV @ 1022 SL 1027 TGT 1016-1012. MCX
OBSERVATIONS
Copper trading range for the day is 1000.7-1035.3.
Copper gained tracking LME prices hit a record $11,146 amid mounting mine supply shortages
Major global copper mines in Chile, Africa, and Indonesia have experienced consecutive disruptions, squeezing global supply.
Glencore reported that its copper production in the first nine months fell by 17% to 583,500 tons.
ZINC
SELL ZINC NOV @ 302 SL 304 TGT 300-298. MCX
OBSERVATIONS
Zinc trading range for the day is 298.2-305.2.
Zinc gains as inventories have plunged to extremely low levels in the global zinc market outside China.
LME zinc stocks of just 35,200 tons near their lowest since March 2023.
The premium of the cash LME zinc contract over the three-month forward was last at $170, indicating a pressing need for short-term metal.
