Sell Copper NOV @ 1016 SL 1022 TGT 1009-1005. MCX - Kedia Advisory
ALUMINIUM
SELL ALUMINIUM NOV @ 272 SL 274 TGT 270-268. MCX
OBSERVATIONS
Aluminium trading range for the day is 267.4-273.4.
Aluminium dropped as dollar consolidated around two-week highs after the Fed cut interest rates.
Century Aluminium said its smelter in Iceland was forced to curtail production by two thirds due to an electrical equipment failure.
Global primary aluminium output in September rose 0.9% year on year to 6.08 million tonnes.
COPPER
SELL COPPER NOV @ 1016 SL 1022 TGT 1009-1005. MCX
OBSERVATIONS
Copper trading range for the day is 996.1-1030.3.
Copper retreated after US President Donald Trump and his Chinese counterpart Xi Jinping concluded pivotal trade talks.
Trump agreed to cut fentanyl tariffs on China by half to 10%, while adding that Beijing pledged to pause rare earth export restrictions for one year.
Ongoing mine disruptions in Chile and Indonesia have further driven expectations of higher prices next year.
ZINC
SELL ZINC NOV @ 301 SL 303 TGT 299-297. MCX
OBSERVATIONS
Zinc trading range for the day is 297.2-304.
Zinc prices dropped as global refined zinc metal production is projected to rise 2.7% to 13.8 million mt in 2025.
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.
