Buy ZINC FEB @ 214 SL 212 TGT 217-219. MCX - Kedia Advisory
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ALUMINIUM
observation
Aluminium trading range for the day is 195.6-200.2.
Aluminium dropped after inflation data cast doubts on when Fed would begin to ease interest rates
PBOC kept the rate of CNY 500 billion worth of one-year policy loans to some financial institutions, at 2.5%.
China's current account surplus sharply decreased to USD 55.2 billion in Q4 of 2023
BUY ALUMINIUM FEB @ 197 SL 195 TGT 199-201. MCX
COPPER
Observation
Copper trading range for the day is 716.7-724.3.
Copper slipped after China's central bank held policy rates on medium term loans
Copper stocks in LME registered warehouses at 128,300 have dropped nearly 25% since late December
Outflows have helped narrow the discount for the cash over the three-month copper contract.
BUY COPPER FEB @ 718 SL 714 TGT 722-725. MCX
ZINC
Observation
Zinc trading range for the day is 212.5-218.1.
Zinc gains as Russian new Ozernoye mine has delayed the start of production
The discount for the cash over the three-month zinc contract has widened to four-month highs due to recent large inflows into LME warehouses.
Construction activity in China is expected to increase in coming weeks
BUY ZINC FEB @ 214 SL 212 TGT 217-219. MCX
