Sell Zinc Dec @ 301 SL 303 TGT 299-297. MCX - Kedia Advisory
ALUMINIUM
SELL ALUMINIUM DEC @ 272 SL 274 TGT 270-268. MCX
OBSERVATIONS
Aluminium trading range for the day is 268.2-273.8.
Aluminium dropped as concern about demand in top metals consumer China weighed on the market.
However downside seen limited amid growing prospects of a December U.S. rate cut following dovish signals from central bank officials.
Global primary aluminium output in October rose 0.6% year on year to 6.294 million tonnes – IAI
COPPER
SELL COPPER DEC @ 1024 SL 1030 TGT 1018-1012. MCX
OBSERVATIONS
Copper trading range for the day is 1016-1024.6.
Copper prices came under pressure amid recovery in dollar and weak data from China.
Data showing that China's industrial profits contracted in October.
Comex copper stocks, at 378,900 metric tons, hit a record high last week and have continued to climb this week.
ZINC
SELL ZINC DEC @ 301 SL 303 TGT 299-297. MCX
OBSERVATIONS
Zinc trading range for the day is 296.7-302.9.
Zinc dropped as rising LME zinc stocks at 49925 tons, showing a gain of 47% since the start of November.
Global zinc market surplus declined to 20,300 metric tons in September from 32,700 tons in August
Global refined zinc metal production is projected to rise 2.7% to 13.8 million mt in 2025.
