Sell Copper Feb 2023 @ 786.00 SL 790.00 TGT 780.00-776.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 770.9-797.1.
Copper dropped on profit booking as investors weighed a batch of economic data ahead of next week’s Federal Reserve meeting.
However, downside seen limited as hopes grew that economic activities in China would pick up after the economy dismantled its strict COVID curbs.
Chile's Cochilco raises 2023 copper price forecast to $3.85/lb
Warehouse stock for Copper at LME was at 73975mt that is down by -1925mt.
SELL COPPER FEB 2023 @ 786.00 SL 790.00 TGT 780.00-776.00.MCX
ZINC
Zinc trading range for the day is 292-308.
Zinc dropped on profit booking as investors further digested the latest economic data for hints on whether the Fed will maintain its hawkish stance
Global zinc market deficit widens to 119,500 T in November – ILZSG
London Metal Exchange zinc inventories have tumbled to the lowest levels in more than three decades
Warehouse stock for Zinc at LME was at 17675mt that is down by -950mt.
SELL ZINC FEB 2023 @ 301.00 SL 304.00 TGT 297.00-295.00.MCX
ALUMINIUM
Aluminium trading range for the day is 222.3-228.9.
Aluminium dropped on profit booking as better-than-expected fourth-quarter US GDP numbers raised hopes of a soft landing in the economy
Global aluminium output rises 6.1% y/y in December – IAI
China 2022 aluminium imports fall 26% on lower demand
Warehouse stock for Aluminium at LME was at 415525mt that is up by 36300mt.
SELL ALUMINIUM FEB 2023 @ 227.00 SL 230.00 TGT 224.00-222.00.MCX.
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