Aluminium trading range for the day is 216.1-220.9 - Kedia Advisory
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Aluminium
Observations
Aluminium trading range for the day is 216.1-220.9
Aluminum gains after reports smelters in Guizhou and Yunnan maintained production cuts.
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. plans 200% tariff on Russian aluminum
Copper
Copper trading range for the day is 767.5-783.6
Copper bounced back, helped by a subdued dollar while investors weigh supply disruptions against demand concerns.
LME copper inventory falling to 65,100 tonnes, lowest since November 2005.
Investors have been betting on a recovery in China after the country removed its strict COVID-19 restrictions.
Zinc
Observations
Zinc trading range for the day is 273-282
Zinc dropped as investors have been betting on a recovery in China after the country removed its strict COVID-19 restrictions.
The global zinc market deficit climbed to 119,500 tonnes in November from a revised deficit of 39,400 tonnes a month earlier
Glencore's zinc production in 2022 was 938,500 mt, down 16% from 1.12 million mt in 2021.
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