Sell Copper NOV @ 1330 SL ABOVE 1335 TGT 1320. MCX - Kedia Advisory
ALUMINIUM
SELL ALUMINIUM NOV @ 330 SL ABOVE 333 TGT 324. MCX
Observations
Aluminium trading range for the day is 325.00-335.00.
Aluminium dropped amid concerns over improving global supply prospects and expectations of a potential market surplus in 2027.
The cash aluminium contract on the LME traded at its biggest premium over the three-month forward in 36 years
Aluminium stocks in LME warehouses at 226,350 tons have dropped nearly 56% since January.
COPPER
SELL COPPER NOV @ 1330 SL ABOVE 1335 TGT 1320. MCX
Observations
Copper trading range for the day is 1309.00-1349.50.
Copper prices dropped as the market fretted about weak demand and expectations of US interest rate hikes.
Chile's copper commission Cochilco said that production at Escondida, fell 21% year-on-year in September.
CITI bank cut its three-month copper price forecast to $13,300 a ton from $14,500.
ZINC
SELL ZINC NOV @ 410 SL ABOVE 413 TGT 404. MCX
Observations
Zinc trading range for the day is 404.00-413.50.
Zinc dropped as US dollar reaching its highest level since April 2025 amid growing expectations of further Fed rate hikes.
Pressure also seen as prospect of a recovery in Chinese mine production and improved concentrate availability could ease supply tightness.
However downside seen limited amid tightening global mine supply and concerns over disruptions at major smelters.
