Sell Zinc Nov @ 301 SL 303 TGT 299-297. MCX - Kedia Advisory
ALUMINIUM
SELL ALUMINIUM NOV @ 272 SL 274 TGT 270-268. MCX
OBSERVATIONS
Aluminium trading range for the day is 267.3-273.3.
Aluminium gained tracking LME prices rose past $2,870, the highest in over three years amid tight supply.
Troubles for key refineries also pressured supply, with one of two potlines in Iceland's Grundartangi smelter being suspended.
Alcoa announced it will shut its Kwinana alumina refinery in Australia due to deteriorating bauxite or grades.
COPPER
SELL COPPER NOV @ 1012 SL 1016 TGT 1008-1004. MCX
OBSERVATIONS
Copper trading range for the day is 992.7-1019.7.
Copper dropped as investors turned cautious ahead of the closely watched meeting between US President and Chinese President.
Trump said he feels optimistic about reaching a deal with China after trade negotiators agreed on a framework covering key issues.
Markets also awaited policy decisions from major central banks this week, with the Federal Reserve widely expected to cut interest rates again.
ZINC
SELL ZINC NOV @ 301 SL 303 TGT 299-297. MCX
OBSERVATIONS
Zinc trading range for the day is 293.8-304.
Zinc gained as signs of easing trade tensions between the China and the U.S. and hopes for stronger growth
LME zinc stocks warehouses at 37,050 tons, the lowest since March 2023 and down more than 80% since the middle of April.
Worries about supplies on the LME market pushed the premium for the cash zinc contract over the three-month forward to a record high $338.74 a ton.
