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ALUMINIUM

OBSERVATIONS

Aluminium trading range for the day is 241.1-246.5.

Aluminium gains as large pledges of economic support from the Chinese government raised bets that the economy may recover.

The Politburo announced it will shift to a “moderately loose” monetary policy stance next year from the “prudential” stance.

China’s aluminum production increased by 2.74% YoY

SELL ALUMINIUM DEC @ 245 SL 247 TGT 242-240. MCX

COPPER

OBSERVATIONS

Copper trading range for the day is 812.1-843.1.

Copper jumped after signals of large-scale economic support from China raised the outlook of manufacturing demand.

The Politburo announced that China will take a “moderately loose” stance on monetary policy and a “more proactive” stance to fiscal stimulus next year.

Some optimism for Chinese manufacturing was already noted by expansionary PMIs according to November prints.

SELL COPPER DEC @ 833 SL 837 TGT 828-825. MCX

ZINC

OBSERVATIONS

Zinc trading range for the day is 282.7-297.1.

Zinc gained after China said it would take more action to boost its lethargic economy.

In December 2024, domestic refined zinc production will increase by over 20,000 mt MoM or about 5% MoM

The global zinc market deficit edged down to 79,500 metric tons in September from 85,000 tons in August

SELL ZINC DEC @ 293 SL 296 TGT 280-288. MCX