Sell Copper JAN 2023 @ 724.00 SL 728.00 TGT 718.00-715.00.MCX - Kedia Advisory
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Copper
Copper trading range for the day is 715.9-725.1.
Copper gains as China will boost fiscal spending "appropriately" in 2023 to support theslowing economy
Monetary policy would be precise and forceful, the PBOC said in a statement after aquarterly meeting of its monetary policy committee
Chile copper production down 5.5% in November
Warehouse stock for Copper at LME was at 88925mt that is up by 2900mt.
SELL COPPER JAN 2023 @ 724.00 SL 728.00 TGT 718.00-715.00.MCX
Zinc
Zinc trading range for the day is 264.6-273.
Zinc prices rose as inventories in ShFE and LME warehouses at 18,173 tonnes and 36,350tonnes respectively slumped to their lowest on record
A bottleneck in smelting should ease, flipping the market from a 220,000 tonne deficitthis year to a small surplus in 2023.
Tight zinc supply from European smelters and concern over low global inventory levelswill in the short term offer some support.
Warehouse stock for Zinc at LME was at 32025mt that is down by -1800mt.
SELL ZINC JAN 2023 @ 272.00 SL 275.00 TGT 268.00-266.00.MCX
Nickel
Nickel trading range for the day is 849-849.
Nickel settled flat as Sumitomo Metal sees global nickel demand for battery use at410,000 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 55476mt that is up by 240mt
SELL NICKEL JAN 2023 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX
Aluminium
Aluminium trading range for the day is 208.1-210.5.
Aluminium gains as the domestic aluminium supply growth is likely to fall short of expectations amid power rationing in south-west China.
SHFE aluminium inventory kept picking up and increased by 3.43% on a weekly basis to 95,539 mt.
China's imports of primary aluminium jumped to a one-year high of 110,700 tonnes in November
Warehouse stock for Aluminium at LME was at 450300mt that is up by 6775mt.
SELL ALUMINIUM JAN 2023 @ 211.00 SL 214.00 TGT 208.00-205.00.MCX
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