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Buy Aluminium Jan 2023 @ 206.00 SL 203.00 TGT 210.00-212.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 712.7-745.7.
Copper surged amid hopes of demand revival in China after it announced would stop requiring inbound travelers to go into quarantine starting from January 8th
Elsewhere, prospects of lower copper production in South America continued to drive shortage concerns.
Output from top producer Chile slid 6.7% in the first three quarters of the year, with mine protests in Peru stifling the activity.
Warehouse stock for Copper at LME was at 81475mt that is up by 375mt.
BUY COPPER JAN 2023 @ 725.00 SL 720.00 TGT 732.00-736.00.MCX
ZINC
Zinc trading range for the day is 267.4-277.4.
Zinc prices rose as inventories in ShFE and LME warehouses at 18,173 tonnes and 36,350 tonnes respectively slumped to their lowest on record.
A bottleneck in smelting should ease, flipping the market from a 220,000 tonne deficit this year to a small surplus in 2023.
Tight zinc supply from European smelters and concern over low global inventory levels will in the short term offer some support.
Warehouse stock for Zinc at LME was at 36350mt that is down by -50mt.
BUY ZINC JAN 2023 @ 270.00 SL 267.00 TGT 274.00-277.00.MCX
NICKEL???????
Nickel trading range for the day is 825-825.
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 54300mt that is up by 330mt.
SELL NICKEL JAN 2023 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX
ALUMINIUM
Aluminium trading range for the day is 208-212.
Aluminium gained amid sharp fall in inventories available on the LME
The supply side was still weighed on by the power rationing in south-west China.
Chinese primary aluminium imports totalled 110,700 mt in November, up 64.1% MoM but down 51.7% YoY.
Warehouse stock for Aluminium at LME was at 466600mt that is up by 3450mt.
BUY ALUMINIUM JAN 2023 @ 206.00 SL 203.00 TGT 210.00-212.00.MCX
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