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Aluminium

Observations

Aluminium trading range for the day is 214.7-224.3

Aluminum dropped as fears of a global economic slowdown and rising output from China prompted investors to unwind some long positions

China's annual aluminum production in 2022 increased by 4.5% from a year earlier to a record high of 40.21 million tonnes

U.S. plans 200% tariff on Russian aluminum

Copper

Observations

Copper trading range for the day is 761.6-785.1

Copper dropped after reports Glencore copper mine in Peru has reopened with increased security

Pressure also seen on demand concerns and a firmer dollar more than offset supply disruptions.

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 272-287

Zinc dropped as investors reassessed their expectations of the speed and scale of any Chinese demand recovery

Refined zinc output stood at 511,200 mt in January, down 14,600 mt or 2.77% MoM, and down 6,400 mt or 1.23% YoY.

China's foreign exchange reserves rose to USD 3.184 trillion at the end of January 2023, up from USD 3.128 trillion in the previous month

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