Buy Aluminium JAN 2023 @ 200.00 SL 197.00 TGT 204.00-206.00.MCX - Kedia Advisory
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Copper
Copper trading range for the day is 697-726.2.
Copper fell as sharp recession concerns continued to pressure demand expectations for industrial inputs.
PMI data showed that factory activity in China continued to contract sharply in December amid soaring Covid cases
Output from top producer Chile slid 6.7% in the first three quarters of 2022, while mine protests in Peru added to low production
Warehouse stock for Copper at LME was at 88575mt that is up by 25mt.
BUY COPPER JAN 2023 @ 706.00 SL 702.00 TGT 712.00-716.00.MCX
Zinc
Zinc trading range for the day is 263.9-271.9.
Zinc prices dropped as zinc ingot social inventory across seven markets in China rose during New Year’s Day holiday
US dollar remained strong and the manufacturing PMI recorded a new low throughout 2022
LME zinc inventories currently remain on the decline and dropped more rapidly last week.
Warehouse stock for Zinc at LME was at 27750mt that is down by -2725mt.
BUY ZINC JAN 2023 @ 266.00 SL 263.00 TGT 270.00-272.00.MCX
Nickel
Nickel trading range for the day is 865-865.
Nickel settled flat as Sumitomo Metal sees global nickel demand for battery use at 410,000 in 2022
Global nickel market sees surplus in February – INSG
Nickel briquette prices stood above 200,000 yuan/mt, and demand from nickel sulphate plants may contract.
Warehouse stock for Nickel at LME was at 55164mt that is up by 168mt.
SELL NICKEL JAN 2023 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX
Aluminium
Aluminium trading range for the day is 199.4-207.
Aluminum dropped as the overall supply remained stable as the aluminium factories in Guangxi and Sichuan continued to resume the production
A surge of COVID-19 infections in China and looming weak growth in the United States and Europe have clouded demand prospects for metals.
LME aluminium inventories have re-entered the downward cycle since late October last year
Warehouse stock for Aluminium at LME was at 442425mt that is up by 5025mt.
BUY ALUMINIUM JAN 2023 @ 200.00 SL 197.00 TGT 204.00-206.00.MCX
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