Sell Nickel JAN 2023 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX - Kedia Advisory
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Copper
* Copper trading range for the day is 716.1-729.3.
* Copper prices slid as rising COVID-19 infections in China and fears of a global recessionweighed on prices.
* Spikes in China's COVID-19 cases and the Lunar New Year holiday next month areexpected to dampen metals demand.
* China smelter group sets copper TC/RC guide price for Q1 2023 at $93/T
* Warehouse stock for Copper at LME was at 86025mt that is up by 4625mt.
BUY COPPER JAN 2023 @ 718.00 SL 714.00 TGT 723.00-726.00.MCX
Zinc
* Zinc trading range for the day is 266.1-273.9.
* Zinc dropped as China produced 605,000 mt of zinc in November, an increase of 2.9%year on year.
* Output at some smelters topped their expectations and this pushed domestic refined zincoutput higher in November
* The People’s Bank of China injected a total CNY 202 billion of reverse repos into thebanking system
* Warehouse stock for Zinc at LME was at 33825mt that is down by -2500mt.
BUY ZINC JAN 2023 @ 265.00 SL 262.00 TGT 270.00-272.00.MCX
Nickel
* 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 sulphateplants may contract.
* Warehouse stock for Nickel at LME was at 55092mt that is up by 864mt.
SELL NICKEL JAN 2023 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX
Aluminium
* Aluminium trading range for the day is 206.4-212.8.
* Aluminium gains as the domestic aluminium supply growth is likely to fall short ofexpectations amid power rationing in south-west China.
* SHFE aluminium inventory kept picking up and increased by 3.43% on a weekly basis to95,539 mt
* China's imports of primary aluminium jumped to a one-year high of 110,700 tonnes inNovember
* Warehouse stock for Aluminium at LME was at 453375mt that is up by 1500mt.
BUY ALUMINIUM JAN 2023 @ 207.50 SL 205.50 TGT 210.00-212.00.MCX
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