Aluminium trading range for the day is 206.6-215 - Kedia Advisory
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Aluminium
Observations
Aluminium trading range for the day is 206.6-215
Aluminum dropped as fears of a global economic slowdown andrising output from China prompted investors to unwind some longpositions
China's annual aluminum production in 2022 increased by 4.5%from a year earlier to a record high of 40.21 million tonnes
U.S. February ISM manufacturing PMI recorded 47.7, a mildimprovement
Copper
Observations
Copper trading range for the day is 752.6-780.8
Copper prices dropped as Grasberg copper mine has resumedoperations
Panama and First Quantum were about to reach an agreementon the Cobre Copper Mine
JPMorgan Chase forecast copper prices to reach $9,100/mt bythe end of 2023
Zinc
Observations
Zinc trading range for the day is 263-280
Zinc dropped as traders were reassessing the potential for asupply rebound and a return to zinc surplus after two years ofshortfalls
The idled zinc smelter capacity is expected to restart, withEurope's winter energy crisis abating and power prices falling.
Chinese smelters are also powering up capacity thanks toabundant supplies of raw materials and the resulting healthyprocessing fees
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