Buy Zinc Jan 2023 @ 278.00 SL 275.00 TGT 282.00-285.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 752.3-779.7.
Copper rose on hopes that Chinese demand will rebound after the country removed its COVID-19 restrictions.
Copper rises above $9,000 for the first time since June
China's retreat from its zero-COVID policy has caused a huge spike in infections, but investors expect it to lift metals demand through the year.
Warehouse stock for Copper at LME was at 84800mt that is up by 25mt.
BUY COPPER JAN 2023 @ 765.00 SL 760.00 TGT 772.00-776.00.MCX
ZINC
Zinc trading range for the day is 276.6-284.
Zinc prices rose as demand prospects brightened after China reopened its borders.
Global zinc stocks closed 2022 at 42,825 tonnes, an 84.7% reduction from the beginning of the year.
Inventories remain at record lows as the power crisis in Europe forced several smelters to operate at reduced capacity
Warehouse stock for Zinc at LME was at 21675mt that is down by -475mt.
BUY ZINC JAN 2023 @ 278.00 SL 275.00 TGT 282.00-285.00.MCX
NICKEL
Nickel trading range for the day is 792.5-792.5.
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 53994mt that is down by -294mt.
SELL NICKEL JAN 2023 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX
ALUMINIUM
Aluminium trading range for the day is 209.2-216.8.
Aluminum rose helped by optimism over top consumer China's reopening, while a shaky U.S. dollar also lent support.
PBoC ramps up liquidity support ahead of long holiday
Aluminium producer Alcoa Corp said it expects production to be cut by about 30% due to a shortage of gas supply.
Warehouse stock for Aluminium at LME was at 413700mt that is down by -2900mt.
BUY ALUMINIUM JAN 2023 @ 210.00 SL 207.00 TGT 214.00-216.00.MCX
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