Buy Copper Jan 2023 @ 710.00 SL 706.00 TGT 714.00-718.00.MCX - Kedia Advisory
COPPER
* Copper trading range for the day is 700.6-719.2
* Copper prices edged higher as low inventories and hopes for economic recovery next year
* Copper inventories in warehouses monitored by the Shanghai Futures Exchange fell 14.8% from last Friday.
* China expects a peak in COVID-19 infections within a week, as authorities predict extra strain on the health system and the virus ripples though business.
* Warehouse stock for Copper at LME was at 81475mt that is up by 375mt.
BUY COPPER JAN 2023 @ 710.00 SL 706.00 TGT 714.00-718.00.MCX
ZINC
* Zinc trading range for the day is 264.2-273.
* Zinc prices rose as inventories in ShFE and LME warehouses at 18,173 tonnes and 36,350 tonnes respectively slumped to their lowest on record.
* A bottleneck in smelting should ease, flipping the market from a 220,000 tonne deficit this year to a small surplus in 2023.
* Tight zinc supply from European smelters and concern over low global inventory levels will in the short term offer some support.
* Warehouse stock for Zinc at LME was at 36350mt that is down by -50mt
BUY ZINC JAN 2023 @ 266.00 SL 262.00 TGT 271.00-274.00.MCX
NICKEL
* Nickel trading range for the day is 2395-2415.
* 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 54300mt that is up by 330mt.
SELL NICKEL JAN 2023 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX
ALUMINIUM
* Aluminium trading range for the day is 206.1-210.7.
* Aluminium dropped amid persistent fears of a demand-sapping global recession triggered by an aggressive tightening campaign from major central banks.
* The supply side was still weighed on by the power rationing in south-west China.
* Chinese primary aluminium imports totalled 110,700 mt in November, up 64.1% MoM but down 51.7% YoY
* Warehouse stock for Aluminium at LME was at 466600mt that is up by 3450mt
BUY ALUMINIUM JAN 2023 @ 206.00 SL 203.00 TGT 210.00-212.00.MCX
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