Sell Zinc FEB @ 323 SL 326 TGT 320-317. MCX -- Kedia Advisory Ltd
ALUMINIUM
SELL ALUMINIUM FEB @ 309 SL 311 TGT 307-305. MCX
Observations
Aluminium trading range for the day is 305.2-311.
Aluminium dropped as U.S. President Donald Trump plans to scale back some tariffs on steel and aluminum goods.
However, downside seen limited as South32, confirmed its Mozal aluminum plant in Mozambique will enter care and maintenance next month.
Aluminium inventories in warehouses monitored by the Shanghai Futures Exchange rose 21.3% from last Friday, the exchange said.
COPPER
SELL COPPER FEB @ 1205 SL 1215 TGT 1195-1185. MCX
Observations
Copper trading range for the day is 1185.5-1213.3.
Copper prices dropped as stocks on the world's three biggest metal exchanges have exceeded 1 million metric tons.
China's factory activity faltered in January as weak domestic demand dragged down production at the start of the new year.
Comex copper speculators cut net long position by 43 contracts to 54,270 in week to February 10 - CFTC
ZINC
SELL ZINC FEB @ 323 SL 326 TGT 320-317. MCX
Observations
Zinc trading range for the day is 318.8-324.4.
Zinc dropped amid a broader sell-off, as Chinese investors left for the long Lunar New Year break.
Goldman Sachs expects the global zinc market to be in a small surplus this year.
Zinc inventories in warehouses monitored by the SHFE rose 23.1% from last Friday, the exchange said.
