SELL ALUMINIUM OCT @ 264 SL 266 TGT 262-260. MCX - Kedia Advisory
ALUMINIUM
SELL ALUMINIUM OCT @ 264 SL 266 TGT 262-260. MCX
OBSERVATIONS
Aluminium trading range for the day is 260.1-264.9.
Aluminium gains tracking LME prices touched its highest in 16 months as available inventories declined.
LME on-warrant inventories dropped to 398,775 tons on Wednesday, having shed 15% over the past month.
Goldman Sachs revised its aluminium outlook, projecting LME prices to average $2,350 per tonne in Q4 2026
COPPER
SELL COPPER OCT @ 1002 SL 1006 TGT 997-994. MCX
OBSERVATIONS
Copper trading range for the day is 988.2-1011.6.
Copper rallied to all time of 1005.95 on MCX as prolonged supply disruptions in Indonesia and Chile fueled persistent shortage concerns.
At Indonesia’s Grasberg mine operator Freeport-McMoRan has indicated that full production is unlikely to resume until early 2027.
In Chile, copper output fell nearly 10% year-on-year in August, the steepest drop since 2023.
ZINC
SELL ZINC OCT @ 295 SL 297 TGT 293-291. MCX
OBSERVATIONS
Zinc trading range for the day is 290.9-299.1.
Zinc dropped on profit booking after reports Ivanhoe hits record zinc output at Kipushi mine.
The International Lead and Zinc Study Group noted that mined zinc production rose 6.3% annually in the first half of 2025.
Smelter output was also due to drop in Japan with the closure of the key Toho Zinc Annaka plant.
