Zinc MCX Strong Support Key at 158

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Zinc Tips and Forecast

Gold Silver Reports — Technically Zinc market is under fresh selling as market has witnessed gain in open interest by 15.55% to settled at 5084 while prices down 2.65 rupees.

MCX Zinc is getting support key at 158 and below same could see a test of 155 level, And resistance is now likely to be seen at 162, a move above could see prices testing 165.  

Zinc on MCX settled down -1.63% at 160.25 tracking weakness from Benchmark zinc on the London Metal Exchange which closed down 1.6 percent at $2,529 a tonne after touching $2,512, the weakest since May 18 pressured by weaker iron ore and oil prices as well as concern about demand in top consumer China.

Zinc prices were also knocked by a jump in available inventories, showing that supplies were adequate despite the closure of major mines last year. On-warrant LME inventories – those not earmarked for delivery and therefore available to investors – climbed 11 percent on Friday to 179,325 tonnes.

China’s economy is likely to have remained on a stable footing in May, buoyed by solid gains in trade and investment as economic ties with the United States take a positive turn and infrastructure spending cushions domestic growth.

While US services sector activity slowed in May as new orders tumbled, but a jump in employment to a near two-year high pointed to sustained labor market strength despite a deceleration in job growth last month.

Now market players will pay close attention on Thursday’s event when the UK heads to the polls in the general election, whose outcome has become much less certain of late, after the latest opinion poll predicted that the Conservatives may fall short of the required number of seats for a majority.

Zinc MCX Strong Support Key at 158 | Gold Silver Reports