Sell Zinc Feb 2023 @ 301.00 SL 304.00 TGT 297.00-294.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 779-791.2.
Copper prices rose on improving prospects for demand in top consumer China, low inventories and a weaker dollar.
Chile's Codelco produced 172,000 less tonnes of copper in 2022
Worries about supplies from Peru due to social unrest are also helping to support copper prices.
Warehouse stock for Copper at LME was at 78150mt that is down by -150mt.
SELL COPPER FEB 2023 @ 790.00 SL 794.50 TGT 784.00-778.00.MCX
ZINC
Zinc trading range for the day is 290.1-305.5.
Zinc dropped on profit booking as trade remained lacklustre due to the Lunar New Year holidays in top consumer China.
The demand is expected to rise after Beijing in December dropped some of the toughest COVID restrictions.
However, concerns linger over a possible surge in infections, as the country reopens and New Year celebrations begin.
Warehouse stock for Zinc at LME was at 18625mt that is down by -25mt.
SELL ZINC FEB 2023 @ 301.00 SL 304.00 TGT 297.00-294.00.MCX
NICKEL
Nickel trading range for the day is 790-790.
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 50670mt that is down by -72mt.
SELL NICKEL FEB 2023 @ 0.00 SL 0.00 TGT 0.00-0.00.MCX
ALUMINIUM
Aluminium trading range for the day is 224.6-229.4.
Aluminum gains on bets of a demand recovery in China after it removed COVID-19 restrictions
Global aluminium output rises 6.1% y/y in December – IAI
China 2022 aluminium imports fall 26% on lower demand
Warehouse stock for Aluminium at LME was at 381550mt that is up by 5600mt.
SELL ALUMINIUM FEB 2023 @ 230.00 SL 233.00 TGT 225.00-222.00.MCX
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