Sell Nickel JAN 2023 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX - Kedia Advisory
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
COPPER
* Copper trading range for the day is 717-735.
* Copper dropped as global recession concerns mounted after major central banks deliveredhawkish outlooks on monetary policy to curb inflation.
* However, downside seen limited amid hopes of demand revival in China after it would stoprequiring inbound travelers to go into quarantine.
* Mining giant Glencore estimated a supply shortfall of 50 million tonnes in 2023.
* Warehouse stock for Copper at LME was at 81400mt that is down by -75mt.
BUY COPPER JAN 2023 @ 720.00 SL 716.00 TGT 725.00-728.00.MCX
ZINC
* Zinc trading range for the day is 264.5-279.1.
* 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 36325mt that is down by -25mt.
BUY ZINC JAN 2023 @ 268.00 SL 265.00 TGT 272.00-275.00.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 54228mt that is up by 402mt.
SELL NICKEL JAN 2023 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX
ALUMINIUM
* Aluminium trading range for the day is 205.6-212.
* Aluminium dropped as SHFE aluminium inventory kept picking up and increased by 3.43%on a weekly basis to 95,539 mt.
* LME latest inventory level was 466,600 mt, which is lowest prices in the past two months.
* The domestic aluminium supply growth is likely to fall short of expectations amid powerrationing in south-west China.
* Warehouse stock for Aluminium at LME was at 461725mt that is up by 4975mt.
BUY ALUMINIUM JAN 2023 @ 206.00 SL 203.00 TGT 210.00-212.00.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 Disclaimer
