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 760.2-795.
Copper prices rose as speculators bet that low inventories and rising Chinese demand will lift prices.
Warehouses registered with the LME and the COMEX and SHFE contain around 285,000 tonnes, significantly below pandemic levels.
Chilean miner Antofagasta said its copper output fell 10.4% in 2022
Warehouse stock for Copper at LME was at 81925mt that is down by -1375mt.
SELL COPPER JAN 2023 @ 778.00 SL 785.00 TGT 770.00-765.00.MCX
Zinc
Zinc trading range for the day is 282.7-297.1.
Zinc rose as demand prospects brightened after top consumer China ended its strict COVID-19 curbs.
Zinc stocks in China have been rising in recent weeks, indicating that the manufacturing and construction sectors are ramping up activity.
LME zinc inventories have plummeted 89% over the past 12 months to 20,000 tonnes, the weakest since July 1989.
Warehouse stock for Zinc at LME was at 19525mt that is down by -475mt.
SELL COPPER JAN 2023 @ 778.00 SL 785.00 TGT 770.00-765.00.MCX
Nickel
Nickel trading range for the day is 786.3-786.3.
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 52386mt that is down by -156mt
SELL NICKEL JAN 2023 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX
Aluminium
Aluminium trading range for the day is 216.3-229.1.
Aluminum rose as the US dollar went down coupled with optimism over China’s economic recovery
China 2022 aluminium imports fall 26% on lower demand
China aluminium production up 10.3 % to 3.43 mln tonnes in Dec – stats bureau
Warehouse stock for Aluminium at LME was at 390400mt that is down by -2475mt
SELL ALUMINIUM JAN 2023 @ 223.00 SL 226.00 TGT 220.00-218.00.MCX
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