Copper trading range for the day is 748.1-772.5 - Kedia Advisory
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Aluminium
Observations
Aluminium trading range for the day is 207.9-211.6
Aluminum dropped as fears of a global economic slowdown andrising output from China prompted investors to unwind some longpositions
Yunnan will still face power shortages and great uncertainties inpower supply in 2023
The aluminium ingot social inventories stood at 1.269 million mt asof March 2, up 21,000 mt from last Thursday
Copper
Observations
Copper trading range for the day is 748.1-772.5
Copper dropped as investors assessed the impact of incomingmonetary tightening against signs of stronger demand fromChina
Visible copper inventories are low by historical standards butstocks in Chinese bonded and ShFE warehouses have surged to408,680 tonnes
ShFE stocks fell by 11,475 tonnes, the first weekly fall sinceDecember, suggesting demand may be picking up
Zinc
Observations
Zinc trading range for the day is 266-273
Zinc dropped as traders were reassessing the potential for asupply rebound and a return to zinc surplus after two years ofshortfalls
The zinc ingot social inventories in China totalled 184,100 mt as ofMarch 3, up 2,800 mt from the previous week
The Caixin China General Composite PMI jumped to 54.2 inFebruary 2023 from 51.1 a month earlier
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