Sell Copper Jan 2023 @ 775.00 SL 782.00 TGT 767.00-762.00.MCX - Kedia Advisory
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
https://t.me/InvestmentGuruIndiacom
Download Telegram App before Joining the Channel
COPPER
Copper trading range for the day is 756.6-780.2.
Copper prices gained on mine supply worry in Peru amid low inventories of the metal, stimulus hope in China and a weaker dollar.
China's dismantling of economically damaging COVID-19 controls raised hopes that demand will revive.
Chinese import premiums are falling and Shanghai exchange inventories are rising.
Warehouse stock for Copper at LME was at 83325mt that is down by -250mt.
SELL COPPER JAN 2023 @ 775.00 SL 782.00 TGT 767.00-762.00.MCX
ZINC
Zinc trading range for the day is 284.2-289.2.
Zinc settled flat as weak economic data from China, punctured a speculator-driven rally.
Slowing economic growth in China reminded traders of the reality of weak physical demand and a global economic downtrend.
The Chinese economy expanded 2.9% yoy in Q4 of 2022, easing from a 3.9% growth in Q3
Warehouse stock for Zinc at LME was at 20000mt that is down by -500mt.
SELL ZINC JAN 2023 @ 290.00 SL 293.00 TGT 286.00-284.00.MCX
NICKEL
Nickel trading range for the day is 761.2-761.2.
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 52638mt that is down by -630mt.
SELL NICKEL JAN 2023 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX
ALUMINIUM
Aluminium trading range for the day is 219.1-223.1.
Aluminium settled flat as China's annual aluminium output in 2022 rose 4.5% from the previous year to a record high
China aluminium production up 10.3 % to 3.43 mln tonnes in Dec
The industrial capacity utilization rate in China fell to 75.7 percent in the fourth quarter of 2022 from 77.4 percent in the same period a year earlier
Warehouse stock for Aluminium at LME was at 395150mt that is down by -2225mt.
SELL ALUMINIUM JAN 2023 @ 223.00 SL 226.00 TGT 220.00-218.00.MCX
To Read Complete Report & Disclaimer Click Here
Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaime
