Buy Copper JAN @ 1275 SL 1265 TGT 1285-1295. MCX - Kedia Advisory
ALUMINIUM
BUY ALUMINIUM JAN @ 314 SL 312 TGT 316-318. MCX
Observations
Aluminium trading range for the day is 312.5-319.1.
Aluminium gains supported by supply concerns as China hit the government's production capacity ceiling.
China aluminium production up 3.0 % to 3.87 mln metric tons in Dec – stats bureau
China December aluminium imports rise 7% y/y, customs data shows
COPPER
BUY COPPER JAN @ 1275 SL 1265 TGT 1285-1295. MCX
Observations
Copper trading range for the day is 1256.4-1319.
Copper prices fell as signs of softening demand momentarily outweighed lingering concerns of tight supply.
Shanghai Futures Exchange raised margin requirements for some copper contracts.
The Yangshan copper premium fell to $22 a ton, the lowest in almost 18 months.
ZINC
BUY ZINC JAN @ 311 SL 309 TGT 313-315. MCX
Observations
Zinc trading range for the day is 308.7-316.5.
Zinc gains on a weaker dollar and after data from China came in better than expected.
Data showing China's industrial output rose 5.2% in December from a year earlier, faster than in November and higher than expected.
Several Chinese miners are scheduled for routine maintenance shutdowns, which are expected to reduce production and tighten concentrate availability.
