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ALUMINIUM

SELL ALUMINIUM NOV @ 328 SL ABOVE 331 TGT 322. MCX

Observations

Aluminium trading range for the day is 320.00-335.50.

Aluminium dropped amid concerns over improving global supply prospects and expectations of a potential market surplus in 2027.

Recovering Middle East production, resilient Chinese output and rapidly expanding Indonesian capacity are expected to narrow the current year's supply deficit.

Jefferies: Middle East aluminum capacity restarts likely to slow

COPPER

SELL COPPER NOV @ 1370 SL ABOVE 1378 TGT 1360. MCX

Observations

Copper trading range for the day is 1327.00-1403.00.

Copper prices fell as risk appetite weakened amid renewed concerns over AI spending, uncertainty ahead of Middle East tensions.

PBOC will raise the foreign exchange RRR for financial institutions by 2 percentage points, to 6% from 4%, effective November 15

The Yangshan copper premium, a gauge of demand for imported metal, remained near $200 a ton — its highest in more than a decade.

ZINC

SELL ZINC NOV @ 413 SL ABOVE 416 TGT 408. MCX

Observations

Zinc trading range for the day is 403.50-419.50.

Zinc dropped as prospect of a recovery in Chinese mine production and improved concentrate availability could ease supply tightness.

Glencore's Kazzinc cut zinc output after a fire, impacting 250,000–300,000 tons of zinc capacity.

China's zinc ore imports have declined since April, squeezing raw material supply and sending treatment charges sharply lower.