Choice Commodity Research

Aluminium Update Overseas aluminium production resumptions and new capacity continued ramping up, while damaged Middle East capacity gradually recovered. Expectations of a longer-term shift from tightness to surplus persisted, limiting upside for prices. -Choice Broking

Sumeet Bagadia’s Desk : Exit @ 3593.50...Buy in Commodity GOLDM|25SEP26 CE 155000.00 @ 3570.00 SL 3345.00 TGT 4020.00

Sumeet Bagadia’s Desk : Update on Book Part Profit : Exit at cost in ALUMINIUM|30SEP26

*Global Update* US Treasury Secretary Scott Bessent warned that Washington could impose sanctions on China over its cooperation with Iran, saying all options remain available during upcoming G20 discussions with Chinese officials. -Choice Broking

Sumeet Bagadia’s Desk:Buy GOLDM|25SEP26 CE 155000.00 in Commodity @ 3570.00 SL 3345.00 TGT 4020.00

Sumeet Bagadia’s Desk : Book Part Profit @ 346.30...Buy in Commodity ALUMINIUM|30SEP26 @ 345.50 SL 344.70 TGT 347.10

Geopolitical Update Iran said its forces struck US bases in Jordan in retaliation for the US attack on Larak Island, warning it would respond firmly to further aggression and hold Washington and involved parties responsible for escalating consequences. Impact: Positive for Crude Oil. -Choice Broking

Sumeet Bagadia’s Desk:Buy ALUMINIUM|30SEP26 in Commodity @ 345.50 SL 344.70 TGT 347.10

Weekly CFTC Speculative Positioning WTI: Speculative net longs rose by 804 to 103,078 contracts. Natural Gas: Net shorts declined by 27,238 to 39,598 contracts. Gold: Net longs increased by 5,393 to 151,315 contracts. Silver: Net longs rose by 2,467 to 13,235 contracts. Copper: Net longs declined by 2,780 to 76,446 contracts. -Choice Broking

Crude Oil Update Trump said the US will use Venezuelan oil to fill the Strategic Petroleum Reserve; the process to replenish it to full capacity will begin shortly. Impact: Neutral to mildly bearish for Crude Oil. -Choice Broking

Rupee Update The rupee weakened to around ₹95.5 per dollar as hawkish Fed expectations strengthened the dollar and higher crude prices added pressure, though strong foreign inflows, RBI intervention and record $729.33 billion reserves may limit further downside. -Choice Broking

Sumeet Bagadia’s Desk:Sell SILVER100|30SEP26 in Commodity @ 2375.00 SL 2412.00 TGT 2301.00

China Manufacturing PMI Actual: 49.8 Expected: 49.5 Previous: 49.2 China Non-Manufacturing PMI Actual: 49.0 Expected: 49.5 Previous: 49.0 Impact: Weak for Basemetal. -Choice Broking

Global Market Heatmap Global markets traded mixed, with major US and European indices lower while the VIX rose 2.74%, signalling higher volatility. In energy, Crude oil gained over 2%, while natural gas slipped 0.66%. Precious metals declined, with gold down 1.47% and silver 1.63%. The dollar index eased 0.12%, while the euro, yen and pound strengthened marginally.

*Sumeet Bagadia's Desk: Exit in GOLDM Long call butterfly*

*Sumeet Bagadia's Desk: Book Full Profit in GOLDM Iron Condor* Approx. profit of Rs. 3640 at cmp

Sumeet Bagadia’s Desk : Exit @ 4790.00...Buy in Commodity ELECDMBL|29SEP26 @ 4783.00 SL 4744.00 TGT 4861.00