Buy Copper FEB 2023 @ 780.00 SL 775.00 TGT 786.00-792.00.MCX -
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Copper
Copper trading range for the day is 771.4-792.4.
Copper dropped as China's factory activity shrank more slowly in January after Beijing lifted tough COVID curbs late last year
Physical demand in China was quiet as producers held sufficient stocks that they built up before the holidays
Chinese-owned copper mine in Peru may halt production over unrest
Warehouse stock for Copper at LME was at 74375mt that is down by -850mt.
BUY COPPER FEB 2023 @ 780.00 SL 775.00 TGT 786.00-792.00.MCX
Zinc
Zinc trading range for the day is 281.9-302.3.
Zinc dropped as China's refined zinc output was 620,000 mt in December 2022, up 4% year-on-year.
LME zinc inventories remain on the decline despite a slower drop, according to LME data.
SHFE zinc inventories grew for four weeks on end, and stood at 44,248 mt, with a weekly gain of 26.07%
Warehouse stock for Zinc at LME was at 16475mt that is down by -775mt.
BUY ZINC FEB 2023 @ 290.00 SL 286.00 TGT 294.00-298.00.MCX
Aluminium
Aluminium trading range for the day is 220.9-228.9.
Aluminum dropped on profit booking as aluminium smelters in Yunnan Province are currently maintaining their operating rates at pre-holiday levels.
However, downside seen limited amid prospects of more robust demand and fears of supply shortages.
China has been taking significant steps to boost its economy and end the strict coronavirus-induced regime
Warehouse stock for Aluminium at LME was at 404150mt that is up by 37025mt.
BUY ALUMINIUM FEB 2023 @ 222.00 SL 218.00 TGT 226.00-229.00.MCX
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