Sell Aluminium Mar@ 199 SL 201 TGT 197-196. MCX - Kedia Advisory
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Aluminium
OBSERVATIONS
Aluminium trading range for the day is 195.9-200.3.
Aluminium dropped as China's output was 3.562 million mt in January, up 4.2% YoY.
Average daily new home sales in China plummeted by 34% from a year earlier in January
Domestic aluminium operating capacity may stabilize at around 42 million mt in February.
SELL ALUMINIUM MAR @ 199 SL 201 TGT 197-196. MCX
Copper
OBSERVATIONS
Copper trading range for the day is 725.4-736.
Copper eased as inventories in SHFE warehouses rose 109.6%
Markets continued to assess the impact of stimulus.
Premiums charged for the clearance of customs, known as the Yanghsan Copper Premium, extended its plunge from February.
SELL COPPER MAR @ 733 SL 737 TGT 729-726. MCX
ZINC
OBSERVATIONS
Zinc trading range for the day is 210.7-216.3.
Zinc gains as global market deficit increased to 62,600 metric tons in Dec 2023
Inventories in Shanghai Futures Exchange warehouses rose by 163.80%
China's refined zinc output in January 2024 decreased month-on-month by 4.05%
SELL ZINC MAR @ 216 SL 218 TGT 213-211. MCX
