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ALUMINIUM:

OBSERVATIONS:

Aluminium trading range for the day is 197.1-201.5.

Aluminium dropped as China 2023 aluminium output up 3.7% y/y

HSBC maintains 2024-2025 aluminium LME price assumptions of $2,300/t and $2,400/t.

HSBC continues to estimate a modest surplus in the global aluminium market in 2023-25.

BUY ALUMINIUM JAN @ 198 SL 196 TGT 200-202. MCX

COPPER:

OBSERVATIONS:

Copper trading range for the day is 708.7-718.3.

Copper prices dropped after Antofagasta's 2023 copper output up 2%

Chinese Premier Li Qiang said the Chinese economy had rebounded and moved upward

HSBC expects a lower surplus in the copper market and increases 2024-2027 copper price forecasts by 1-7%.

BUY COPPER JAN @ 711 SL 707 TGT 715-719. MCX

ZINC:

OBSERVATIONS:

Zinc trading range for the day is 217-226.2.

Zinc dropped due to concerns about China's economy

China's economic growth slightly missed forecasts

HSBC expects surplus markets in 2023 and 2024 due to weak zinc demand and medium-term mine supply growth

BUY ZINC JAN @ 219 SL 217 TGT 222-224. MCX