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Aluminium

SELL ALUMINIUM FEB @ 263 SL 265 TGT 261-259. MCX

Observations

Aluminium trading range for the day is 259.6-266.

Aluminium dropped as inventories in warehouses monitored by the Shanghai Futures Exchange rose 17.5%.

However downside seen limited as EU envoys' agreement to ban Russian primary aluminium imports in a fresh sanctions package.

Global primary aluminium output in January rose 2.7% year on year to 6.252 million tonnes - IAI

Copper

SELL COPPER FEB @ 864 SL 868 TGT 860-856. MCX

Observations

Copper trading range for the day is 852.3-873.3.

Copper eased after U.S. President Donald Trump threatened to impose tariffs on cars and semiconductors chips.

Shanghai warehouse copper stocks up 12.9%

China's central bank vowed to provide strong financial support for the healthy development of private economy.

Zinc

SELL ZINC FEB @ 269 SL 271 TGT 267-265. MCX

Observations

Zinc trading range for the day is 264.1-273.5.

Zinc dropped as Zinc inventories in warehouses monitored by SHFE rose 26.3 % from last Friday

The global zinc market swung to a deficit of 62,000 metric tons in 2024 from a surplus of 310,000 tons the year - ILZSG

Inventories held by LME and SHFE warehouses decreased by 31,000 tons to 791,000 tons in total - ILZSG