IGI Logo

ALUMINIUM

OBSERVATIONS

Aluminium trading range for the day is 240-246.

Aluminium slipped amid signs of resilience in the US economy tempered expectations for aggressive Fed interest rate cuts.

LME data showed one large futures position at more than 40% of open interest to buy aluminium in December.

Goldman Sachs raised its 2025 aluminum price forecasts citing higher demand potential in top consumer China following stimulus measures.

SELL ALUMINIUM NOV @ 243 SL 245 TGT 241-239. MCX

COPPER

OBSERVATIONS

Copper trading range for the day is 829.7-844.9.

Copper steadied amid caution prevailed amid conflicting signals on demand and ahead of a key meeting in China and the U.S. election.

Industrial profits in China declined at the fastest pace since the pandemic in the first nine months of the year amid persistently weak demand.

The People's Bank of China (PBoC) said it will conduct so-called outright reverse repurchase operations with primary dealers starting Monday, October 28.

SELL COPPER NOV @ 840 SL 844 TGT 835-832. MCX

ZINC

OBSERVATIONS

Zinc trading range for the day is 280.4-295.

Zinc prices gains amid concerns of supply shortages.

A single party recently held up to 79% of available LME zinc stocks, sparking fears of limited short-term supply.

The ILZSG included the ramp-up of Ozernoye in its forecasts of robust growth of 8.9% in new mining zinc supply outside China in 2025.

SELL ZINC NOV @ 291 SL 293 TGT 288-286. MCX