Zinc trading range for the day is 270-289 - Kedia Advisory
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Aluminium
Observations
Aluminium trading range for the day is 215.8-228.4
Aluminum dropped as soft global demand weighed on sentiment despite the latest supply disruptions.
Aluminium ingot social inventory stood at 1.05 million mt as of Thursday February 2, up 303,000 mt
The Caixin China General Composite PMI climbed to 51.1 in January 2023 from 48.3 in the previous month.
Copper
Observations
Copper trading range for the day is 758.2-780.4
Copper fell as demand concerns and a firmer dollar more than offset supply disruptions
The latest data pointed to a bigger-than-usual inventory build-up in China over the Lunar New Year holiday despite subdued imports.
Copper inventories in SHFE warehouses jumped by 61.8% since January 20 to 226,509 tonnes on February 3.
Zinc
Observations
Zinc trading range for the day is 270-289
Zinc dropped as investors fretted about a slow demand recovery in top consumer China and the U.S. dollar held firm.
China's refined zinc output was 620,000 mt in December 2022, up 4% year-on-year.
Data shows that the zinc ingot social inventories in China totalled 174,100 mt as of February 3, up 70,600 mt from a week ago
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