Buy Aluminium Jan 2023 @ 212.00 SL 209.00 TGT 216.00-218.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 758-779.2.
Copper prices dropped as physical demand remained subdued in the traditionally off-peak season and amid a looming global economic downturn.
Prospects of further rate hikes and a firm dollar also pressured metals prices.
Yangshan copper premium fell to $32.50 a tonne, its lowest since April 2022, indicating weakening demand to import copper into China.
Warehouse stock for Copper at LME was at 84550mt that is down by -250mt.
BUY COPPER JAN 2023 @ 765.00 SL 760.00 TGT 772.00-776.00.MCX
ZINC
Zinc trading range for the day is 276.6-286.2.
Zinc gained as demand prospects brightened after top consumer China reopened its borders.
LME zinc inventory continued to fall last week, and the latest figure recorded 22,850 mt, a new low of many years
SHFE inventory bounced back by 17.45% to 24,023 mt last week, a new high in the past two months, but the overall inventory still stood low
Warehouse stock for Zinc at LME was at 21125mt that is down by -550mt
BUY ZINC JAN 2023 @ 278.00 SL 275.00 TGT 282.00-285.00.MCX
NICKEL
Nickel trading range for the day is 749-749.
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 53418mt that is down by -552mt.
SELL NICKEL JAN 2023 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX
ALUMINIUM
Aluminium trading range for the day is 209.4-219.
Aluminum gained helped by optimism over top consumer China's reopening, while a shaky U.S. dollar also lent support.
China inflation rate accelerates as expected
China producer prices fall more than expected
Warehouse stock for Aluminium at LME was at 408875mt that is down by -2550mt.
BUY ALUMINIUM JAN 2023 @ 212.00 SL 209.00 TGT 216.00-218.00.MCX
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