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COPPER

Copper trading range for the day is 730.9-746.1.

Copper remained supported as low inventories of the metal offset pressure from a firmer dollar, while investors focused on U.S. inflation data.

China's copper output rose 6.71% in December from the previous month to 802,200 tonnes

Data showed inventories in warehouses monitored by the Shanghai Futures Exchange fell 23.6% to 29,182 tonnes from the week before.

Warehouse stock for Copper at LME was at 83925mt that is down by -100mt.

BUY COPPER JAN 2022 @ 735.00 SL 730.00 TGT 740.00-744.00.MCX

ZINC

Zinc trading range for the day is 283.9-293.1.

Zinc prices remained supported as the production in Daqiuzhuang, Tianjin was suspended as the staff was required to take COVID test.

The total inventory across seven major markets in China stood at 126,800 mt, which has been rising recently as the overall consumption weakened.

Data showed that China's refined zinc output stood at 513,300 mt in December 2021, down 1.2% or 6,200 mt on the month and 7.26% on the year.

Warehouse stock for Zinc at LME was at 190325mt that is down by -2300mt.

BUY ZINC JAN 2022 @ 286.00 SL 284.00 TGT 288.50-290.00.MCX

NICKEL

Nickel trading range for the day is 1540.5-1637.5.

Nickel gained boosted by tight supply hopes as producers cut production and as global inventories pointed to solid demand.

Worries over supply have pushed up the premium of LME cash nickel over the three-month contract to $130 a tonne from $47 a tonne in mid-December.

Nickel stocks in Shanghai Futures Exchange (ShFE) warehouses are close to record lows at 4,859 tonnes, down from about 16,000 tonnes a year ago.

Warehouse stock for Nickel at LME was at 99744mt that is down by -210mt.

BUY NICKEL JAN 2022 @ 1564.00 SL 1550.00 TGT 1580.00-1588.00.MCX

ALUMINIUM

Aluminium trading range for the day is 229.8-236.6.

Aluminium rose buoyed by falling inventories and production cuts amid soaring power prices in Europe.

Data last week showed inventories in warehouses monitored by the Shanghai Futures Exchange were at 314,859 tonnes, its lowest level since November 2021.

Stocks of aluminium in LME-registered warehouses were last at 911,500 tonnes, down more than 50% since hitting a 1.96 mln tonne high in March last year.

Warehouse stock for Aluminium at LME was at 902850mt that is down by -8650mt.

BUY ALUMINIUM JAN 2022 @ 231.00 SL 229.00 TGT 233.50-235.00.MCX

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