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Aluminium

OBSERVATIONS

Aluminium trading range for the day is 202.5-207.1.

Aluminium dropped as the inventory of aluminum ingots in Wuxi was 223,000 mt, an increase of 13,000 mt.

The inventory pressure is relatively large, mainly due to the shift to off-peak season of downstream consumption.

China has announced to issue an additional one trillion yuan of local government bonds, which could boost the economy and market.

SELL ALUMINIUM NOV @ 206 SL 208 TGT 204-202. MCX

Copper

OBSERVATIONS

Copper trading range for the day is 703.2-716.4.

Copper prices fell as the U.S. dollar firmed up on economic data

The dollar drew support from better-than-expected retail sales numbers and more signs of cooling inflation.

Inventories at the Shanghai Futures Exchange fell by 14% to less than 35,000 tonnes

SELL COPPER NOV @ 710 SL 714 TGT 705-702. MCX

Zinc

OBSERVATIONS

Zinc trading range for the day is 224.9-233.1.

Zinc prices dropped as LME zinc stocks almost double after big inflows

Stocks jumped 96% to 133,200 metric tons

The global zinc market showed a surplus of 489,000 tons during the first eight months of the year

SELL ZINC NOV @ 230 SL 232 TGT 227-225. MCX