Buy Copper Feb 2023 @ 775.00 SL 770.00 TGT 783.00-788.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 772.6-787.4.
Copper prices rose on improving prospects for demand in top consumer China, low inventories and a weaker dollar.
Worries about supplies from Peru due to social unrest are also helping to support copper prices
Copper inventories in LME-registered warehouses, which at 78,300 tonnes are heading towards 10-month lows hit last November.
Warehouse stock for Copper at LME was at 78300mt that is down by -900mt.
BUY COPPER FEB 2023 @ 775.00 SL 770.00 TGT 783.00-788.00.MCX
ZINC
Zinc trading range for the day is 292.4-301.8.
Zinc rose with prospects of an economic recovery in top consumer China and a weaker dollar underpinning the market.
The demand is expected to rise after Beijing in December dropped some of the toughest COVID restrictions.
However, concerns linger over a possible surge in infections, as the country reopens and New Year celebrations begin.
Warehouse stock for Zinc at LME was at 18625mt that is down by -25mt.
BUY ZINC FEB 2023 @ 295.00 SL 292.00 TGT 300.00-303.00.MCX
NICKEL
Nickel trading range for the day is 787.1-787.1
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 50838mt that is down by -822mt.
SELL NICKEL FEB 2023 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX
ALUMINIUM
Aluminium trading range for the day is 221.4-229.
Aluminum gains on bets of a demand recovery in China after it removed COVID-19 restrictions
Global aluminium output rises 6.1% y/y in December – IAI
China 2022 aluminium imports fall 26% on lower demand
Warehouse stock for Aluminium at LME was at 375950mt that is down by -2950mt.
BUY ALUMINIUM FEB 2023 @ 223.00 SL 220.00 TGT 227.00-229.00.MCX
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