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01-01-1970 12:00 AM | Source: Kedia Advisory
Aluminium trading range for the day is 211.8-220.2 - Kedia Advisory
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Aluminium

Observations

Aluminium trading range for the day is 211.8-220.2

Aluminium dropped as China's annual aluminum production in 2022 increased by 4.5% to a record high of 40.21 mln tns

The aluminium ingot social inventories across China’s markets totalled 1.19 million mt, up 143,000 mt from a week ago

China's producer prices dropped 0.8% yoy in January 2023, after a 0.7% fall in the previous month

 

Copper

Observations

Copper trading range for the day is 758.5-778.6

Copper dropped as persistent fears of a demand-sapping global recession offset bullish bets for China's reopening.

Las Bambas copper mine in Peru secured necessary supplies, which allowed it to continue production at a reduced rate.

Copper inventories in warehouses monitored by the Shanghai Futures Exchange rose 6.8 % from last Friday.

 

Zinc

Observations

Zinc trading range for the day is 266-279

Zinc dropped as Chinese demand remains weak and investors await inflation data next Tuesday that could hint at the direction of U.S. monetary policy.

Chinese metals inventory numbers and factory gate price data underlined continued weakness in the country

China's January factory gate prices fell more than expected, suggesting that flashes of domestic demand.

 

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