Copper trading range for the day is 761.3-784.6 - Kedia Advisory
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Aluminium
Observations
Aluminium trading range for the day is 217.7-224.9
Aluminum settled flat as soft global demand weighed on sentiment despite the latest supply disruptions.
Aluminium ingot social inventory stood at 1.05 million mt as of Thursday February 2, up 303,000 mt
The Caixin China General Composite PMI climbed to 51.1 in January 2023 from 48.3 in the previous month.
Copper
Observations
Copper trading range for the day is 761.3-784.6
Copper gains amid lingering concerns about global supplies continued to play a crucial role in supporting the prices.
Glencore's copper output in 2022 down 12% to 1.06 million mt
MMG posts a 10% drop in copper output in 2022
Zinc
Observations
Zinc trading range for the day is 270-292
Zinc gains as supported after update Glencore's zinc production in 2022 was 938,500 mt, down 16% from 1.12 million mt in 2021.
Investors reassessed their expectations of the speed and scale of any Chinese demand recovery after the country removed its strict COVID-19 restrictions
China's foreign exchange reserves rose to USD 3.184 trillion at the end of January 2023, up from USD 3.128 trillion in the previous month
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