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Aluminium

OBSERVATIONS:

Aluminium trading range for the day is 198.5-202.7.

Aluminium gained on low level buying after prices dropped as traders gauged the lack of fresh cues

China's export of aluminium covered by EU carbon tax down 30% in 2023

Japan's imports of primary aluminium fell 26% to 1.03 million metric tons in 2023

BUY ALUMINIUM FEB @ 200 SL 198 TGT 202-203. MCX

Copper

OBSERVATIONS:

Copper trading range for the day is 696.3-714.5.

Copper gains on short covering as traders and funds cut short positions.

Yangshan copper premium declined as factories refrained from purchasing the metal

Strong labor data in the US and hawkish remarks from Fed Powell lifted the dollar.

BUY COPPER FEB @ 706 SL 702 TGT 710-712. MCX

Zinc

OBSERVATIONS:

Zinc trading range for the day is 202.4-213.

Zinc gains on short covering as the market awaited U.S. inflation data

Chinese manufacturing PMI data showed a fourth consecutive contraction in the sector, hampering the prices

Caixin China General Manufacturing PMI unexpectedly showed growth in factory activity for the third straight month.

BUY ZINC FEB @ 207.5 SL 205.5 TGT 209.5-211. MCX