Buy Zinc Jan 2023 @ 270.00 SL 268.00 TGT 272.00-274.00.MCX - Kedia Advisory
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Copper
Copper trading range for the day is 713.7-744.5.
Copper prices climbed as investors hoped that China's efforts to bolster its economy willimprove demand for metals
Global copper smelting activity dipped in December as smelters shut for maintenance aftera year of sluggish activity.
Shanghai warehouse copper stocks up 16.1%
Warehouse stock for Copper at LME was at 86400mt that is down by -725mt.
BUY COPPER JAN 2023 @ 730.00 SL 724.00 TGT 738.00-745.00.MCX
Zinc
Zinc trading range for the day is 265.1-274.9.
Zinc prices gained as LME zinc inventories currently remain on the decline and droppedmore rapidly last week
SHFE zinc inventories increased 12.55% to 20,453 mt in the week of December 30, whichcurrently stand at a low level
Zinc ingot social inventory across seven markets in China rose during New Year’s Dayholiday
Warehouse stock for Zinc at LME was at 24300mt that is down by -1500mt.
BUY ZINC JAN 2023 @ 270.00 SL 268.00 TGT 272.00-274.00.MCX
Nickel
Nickel trading range for the day is 2450-2450.
Nickel settled flat as Sumitomo Metal sees global nickel demand for battery use at410,000 in 2022
Global nickel market sees surplus in February – INSG
Nickel briquette prices stood above 200,000 yuan/mt, and demand from nickel sulphateplants may contract.
Warehouse stock for Nickel at LME was at 54822mt that is down by -210mt.
SELL NICKEL JAN 2023 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX
Aluminium
Aluminium trading range for the day is 200.5-207.3.
Aluminum prices seen supported as the power rationing in south-west China draggeddown operating aluminium capacity
However, upside seen limited as the overall supply remained stable as the aluminiumfactories in Guangxi and Sichuan continued to resume the production.
LME aluminium inventories have re-entered the downward cycle since late October lastyear
Warehouse stock for Aluminium at LME was at 428525mt that is up by 1875mt.
BUY ALUMINIUM JAN 2023 @ 200.00 SL 197.00 TGT 204.00-206.00.MCX
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