Aluminium trading range for the day is 210.6-214.6 - Kedia Advisory
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Aluminium
Obersvations
Aluminium trading range for the day is 210.6-214.6
Aluminum gains amid output cuts in Yunnan and signs of falling aluminium ingot social inventory
Aluminium ingot import losses shrank amid falling
LME aluminium prices, and inventory in bonded areas increased.
Global aluminium output rises 3.4% y/y to 5.84 mln T in January – IAI
Copper
Obersvations
Copper trading range for the day is 772.2-783.3
Copper rose amid persistent supply concerns and strong demand expectations.
Investors continued to monitor the extent of improved Chinese purchasing after the country’s economic reopening
Industrial demand is also expected to pick up as the government is set to announce further stimulus measures
Zinc
Obersvations
Zinc trading range for the day is 267-280
Zinc gains after data shows that social inventories of zinc ingots across China totalled 181,500 mt, down 6,300 mt from a week earlier.
The stimulus packages in China still made a solid floor for metals prices.
PBoC left its key lending rates unchanged for the sixth straight month at February fixing, as widely expected.
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