Buy Copper JAN 2023 @ 715.00 SL 712.00 TGT 720.00-724.00.MCX
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Copper
* Copper trading range for the day is 712.3-728.3.
* Copper dropped as an overall stronger dollar, worsening COVID-19 situation in China, and global economic slowdown worries weighed.
* China will boost fiscal spending "appropriately" in 2023 to support the slowing economy, focusing on tech innovation and key strategic sectors
* Chile copper production down 5.5% in November
* Warehouse stock for Copper at LME was at 88925mt that is up by 2900mt.
BUY COPPER JAN 2023 @ 715.00 SL 712.00 TGT 720.00-724.00.MCX
Zinc
* Zinc trading range for the day is 265.6-272.
* Zinc dropped as China produced 605,000 mt of zinc in November, an increase of 2.9% year on year.
* Output at some smelters topped their expectations and this pushed domestic refined zinc output higher in November.
* The People’s Bank of China injected a total CNY 202 billion of reverse repos into the banking system
* Warehouse stock for Zinc at LME was at 32025mt that is down by -1800mt.
BUY ZINC JAN 2023 @ 266.00 SL 264.00 TGT 269.00-271.00.MCX
Nickel
* Nickel trading range for the day is 855.8-855.8.
* 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 55476mt that is up by 240mt.
SELL NICKEL JAN 2023 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX
Aluminium
* Aluminium trading range for the day is 206.2-212.6.
* Aluminum dropped as China's imports of primary aluminium jumped to a one-year high of 110,700 tonnes in November
*The domestic aluminium supply growth is likely to fall short of expectations amid power rationing in south-west China.
* SHFE aluminium inventory kept picking up and increased by 3.43% on a weekly basis to 95,539 mt.
* Warehouse stock for Aluminium at LME was at 450300mt that is up by 6775mt.
BUY ALUMINIUM JAN 2023 @ 207.50 SL 205.50 TGT 210.00-212.00.MCX
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