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COPPER

Copper trading range for the day is 697-724.6.

Copper prices rose, supported by a weaker dollar and hopes for stronger demand in China on the back of promised economic stimulus from the government.

The Chinese government said it would step up measures to stabilise its economy and the central bank is expected to ease monetary policy before long.

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 82600mt that is down by -975mt.

BUY COPPER DEC 2022 @ 708.00 SL 704.00 TGT 713.00-718.00.MCX

ZINC

Zinc trading range for the day is 264.4-280.2.

Zinc gains amid a weaker dollar and on hopes that the easing of Covid restrictions in China would spur demand.

Inventories remain at record lows as the power crisis in Europe has forced many smelters to shut down

PBOC Injects CNY 85 Billion into Market

Warehouse stock for Zinc at LME was at 36525mt that is down by -50mt.

BUY ZINC DEC 2022 @ 272.00 SL 268.00 TGT 277.00-280.00.MCX

NICKEL

Nickel trading range for the day is 797.5-797.5.

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 54336mt that is up by 588mt.

SELL NICKEL DEC 2022 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX

ALUMINIUM

Aluminium trading range for the day is 206.3-212.9.

Aluminium rose helped by a weakening dollar and a sharp fall in inventories available on the London Metal Exchange

LME aluminium inventories have been falling in recent weeks and stocks in SHFE warehouses, are near multi-year lows.

Global aluminium output rises 3.8% y/y in November – IAI

Warehouse stock for Aluminium at LME was at 478500mt that is down by -1025mt.

BUY ALUMINIUM DEC 2022 @ 208.00 SL 205.00 TGT 212.00-214.00.MCX

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