Sell Copper Dec @ 1096 SL 1104 TGT 1086-1080. MCX - Kedia Advisory
Aluminium
SELL ALUMINIUM DEC @ 280 SL 282 TGT 278-276. MCX
Observations
Aluminium trading range for the day is 275.8-282.2.
Aluminium surges to 2.5-year high on tightening global supply
Chinese smelters are approaching state-imposed capacity ceilings, limiting fresh output.
Citi says they are bullish aluminium to $,3500/t by 2025 (~20% upside)
Copper
SELL COPPER DEC @ 1096 SL 1104 TGT 1086-1080. MCX
Observations
Copper trading range for the day is 1069.2-1108.8.
Copper jumped after Citi lifted its price outlook, while a weak dollar provided support ahead of U.S. rate cut.
Citi says they are bullish copper to $13k/t over the next 6-12 months (~15% upside)
In China, copper inventories on the Shanghai Futures Exchange fell by 9.2% from last week to 88,905 tons.
Zinc
SELL ZINC DEC @ 312 SL 314 TGT 310-308. MCX
Observations
Zinc trading range for the day is 306.8-314.8.
Zinc crosses 312 on MCX, highest since Aug 2022 amid supply tightens and Fed-cut bets grow.
Tight LME warehouse stocks and falling SHFE inventories support prices.
Chinese mine maintenance in December to curb concentrate output.
