Zinc dropped as China's refined zinc output in October - Kedia Advisory
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ALUMINIUM
OBSERVATIONS
Aluminium trading range for the day is 199.7-203.7.
Aluminium dropped as China's October 2023 aluminum production hit 3.641 million mt, up 6.7% YoY.
Global primary aluminium output in October rose 3.9% year on year to 6.116 million tonnes
Data showed that China imported 1.17 million mt of primary aluminum in January-October, up 173% YoY.
BUY ALUMINIUM DEC @ 200 SL 198 TGT 202-204. MCX
COPPER
OBSERVATIONS
Copper trading range for the day is 715.8-725.8. Copper gains as slowing manufacturing activities in China raised hopes for more stimulus
The official NBS Manufacturing PMI in China inched down to 49.4 in November 2023 from 49.5 in October
Chile's October copper output down 4.4%
BUY COPPER DEC @ 719 SL 715 TGT 724-728. MCX
ZINC
OBSERVATIONS
Zinc trading range for the day is 220.9-226.3.
Zinc dropped as China's refined zinc output in October, showed a growth of 11.14% MOM
However, downside seen limited on hopes that China will extend support measures for its economy.
The global zinc market swung to a deficit of 15,400 metric tons in September from a surplus of 28,000 tons in August
BUY ZINC DEC @ 222 SL 220 TGT 225-227. MCX
