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Aluminium

OBSERVATIONS:

Aluminium trading range for the day is 198.4-202.8.

Aluminium dropped amid a pessimistic industrial sentiment

Persistent macroeconomic headwinds in China, continued to hamper the outlook for metals.

Share of Russian aluminium in LME warehouses remains at 90%.

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

Copper

OBSERVATIONS:

Copper trading range for the day is 702.7-721.5.

Copper gains as dollar eased and stable China’s manufacturing demand

Data showed that LME stocks fell to 132,525 tons, the lowest level since September.

China's PMI rebounded slightly in January month-on-month, but was still below the 50-mark.

BUY COPPER S @ 712 SL 708 TGT 716-720. MCX

Zinc

OBSERVATIONS:

Zinc trading range for the day is 206.6-213.2.

Zinc gains as Russian new Ozernoye mine has delayed the start of zinc concentrate production

Zinc inventories have rebounded recently as demand has been hit by China's property troubles.

China's refined zinc output in December 2023 was 590,900 mt, an increase of 2.05% month-on-month

BUY ZINC S @ 209 SL 207 TGT 212-214. MCX