Aluminium Prices Dip on Improved Supply Outlook: Kedia Advisory

Kedia Advisory, an investment guru in India, released a note on zinc, aluminium, and copper prices for MCX.

The advisory recommended buying aluminium at 347 with a stop-loss of 344 and targeting 350-352.

This move was motivated by the observation that aluminium's trading range for the day is between 345 and 352.4.

Kedia noted that aluminium prices dropped due to an improved supply outlook as several smelters restarted and ramped up previously curtailed capacity.

In addition, Japan's August aluminium stocks rose by 22.7% month-over-month, while aluminium inventories in warehouses monitored by the Shanghai Futures Exchange fell by 7.7% from last Friday.