Sell Zinc Oct @ 278 SL 280 TGT 276-274. MCX - Kedia Advisory
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ALUMINIUM
OBSERVATIONS
Aluminium trading range for the day is 227.6-238.
Aluminium fell with producers selling forward to lock in high prices and uncertainty over China's plan to revive its economy.
Physical demand for aluminium remains stable.
The premium for aluminium shipments to Japan was set at $175 a metric ton, up 1.7% from the prior quarter
SELL ALUMINIUM OCT @ 234 SL 236 TGT 232-230. MCX
COPPER
OBSERVATIONS
Copper trading range for the day is 810.6-849.6.
Copper tumbled as NDRC in China signaled no additional stimulus measures, disappointing markets.
However, Chinese authorities announced plans to speed up special purpose bond issuances to support economic growth.
Prices also came under pressure from growing expectations of a less aggressive easing campaign from the Fed.
SELL COPPER OCT @ 829 SL 834 TGT 824-820. MCX
ZINC
OBSERVATIONS
Zinc trading range for the day is 269.3-286.3.
Zinc dropped as China's latest stimulus announcement failed to soothe doubts over economic recovery.
BMI hiked its zinc price forecast for 2024 to $2,700, citing tighter market fundamentals.
Zinc inventories in warehouses monitored by the Shanghai Futures Exchange (SHFE) dropped to 79,980 metric tons.
SELL ZINC OCT @ 278 SL 280 TGT 276-274. MCX
