Sell Zinc Oct @ 289 SL 291 TGT 287-285. MCX - Kedia Advisory
ALUMINIUM
OBSERVATIONS
Aluminium trading range for the day is 236.7-245.3.
Aluminium prices rose on increased fund buying and a shortage of raw material in China.
Prices rallied on concerns of bauxite supply disruption from Guinea amid an already tight market.
Japanese stocks fell to 313,100 metric tons by the end of September, down about 4.3% from the previous month.
SELL ALUMINIUM OCT @ 242 SL 244 TGT 240-238. MCX
COPPER
OBSERVATIONS
Copper trading range for the day is 825.1-848.9.
Copper prices rose amid hopes that China will announce more stimulus measures.
Copper giant Tongling will delay production of its new plant by six months
Copper inventories in warehouses monitored by the Shanghai Futures Exchange rose 10.5%.
SELL COPPER OCT @ 840 SL 844 TGT 836-832. MCX
ZINC
OBSERVATIONS
Zinc trading range for the day is 280.8-292.2.
Zinc rallied as global zinc market is facing a sizeable supply deficit in 2024.
A previously anticipated supply surplus of 56,000 metric tons has been updated to a 164,000-ton supply deficit - ILZSG
Chinese demand will rise by just 0.7% in 2024, reflecting zinc's exposure to the country's struggling property sector.
SELL ZINC OCT @ 289 SL 291 TGT 287-285. MCX
