Sell Zinc NOV @ 409 SL ABOVE 412 TGT 402. MCX - Kedia Advisory
ALUMINIUM
SELL ALUMINIUM NOV @ 330 SL ABOVE 333 TGT 324. MCX
Observations
Aluminium trading range for the day is 326.00-334.00.
Aluminium gained as inventories in warehouses monitored by the SHFE fell 10.3% from last Friday
However upside was capped amid stronger dollar, and persistent concerns over a CY27 global surplus.
EGA has restarted 631 of 1,262 reduction cells at its Al Taweelah smelter, restoring 50% of capacity.
COPPER
SELL COPPER NOV @ 1380 SL ABOVE 1388 TGT 1370. MCX
Observations
Copper trading range for the day is 1358.00-1402.50.
Copper dropped as concerns that heavy spending on AI may not generate sufficient returns weighed on risk appetite.
Chile's copper output falls 15.1% year – on – year in September
The Yangshan copper premium, a gauge of Chinese demand for imported copper, remained near a 13-year high of $205 a ton.
ZINC
SELL ZINC NOV @ 409 SL ABOVE 412 TGT 402. MCX
Observations
Zinc trading range for the day is 401.00-414.50.
Zinc dropped as prospect of a recovery in Chinese mine production and improved concentrate availability could ease supply tightness.
Zinc inventories in warehouses monitored by the Shanghai Futures Exchange fell 1.6% from last Friday, the exchange said.
Near-term tightness was evident from the premium of LME cash zinc over the three-month contract, which has spiked to $106 a ton from $45 last week.
