Sell Copper NOV @ 1408 SL ABOVE 1412 TGT 1400. MCX - Kedia Advisory
ALUMINIUM
SELL ALUMINIUM NOV @ 332 SL ABOVE 335 TGT 327. MCX
Observations
Aluminium trading range for the day is 325.00-336.50.
Aluminium dropped after reports published about Chinese producers' ambitious overseas growth plans.
Aluminium stocks in SHFE-monitored warehouses fell by more than 10% last week, to 212,858 tons.
Japan's September aluminium stocks down 9.5% m/m
COPPER
SELL COPPER NOV @ 1408 SL ABOVE 1412 TGT 1400. MCX
Observations
Copper trading range for the day is 1400.00-1411.50.
Copper steadied as dollar held around 102.4 supported by investor caution ahead of Fed upcoming policy decision.
The cash LME copper contract last traded at a $199.50-a-ton premium over the three-month forward, indicating near-term tightness.
China’s Q3 GDP grew 4.5% and September industrial production rose 5.5% YoY, supporting sentiment.
ZINC
SELL ZINC NOV @ 419 SL ABOVE 422 TGT 404. MCX
Observations
Zinc trading range for the day is 411.50-425.50.
Zinc dropped weighed down by the prospect of increased Chinese zinc concentrate availability.
However, downside seen limited amid worries about mine supply and shortages outside China.
Near-term tightness was evident from the premium of LME cash zinc over 3M, which has spiked to $106 a ton from $45 last week.
