The global zinc market swung into a 10,900 tonne surplus in June from an upwardly revised deficit at 38,200 tonnes May, data from the International Lead and Zinc Study Group (ILZSG) showed. During the first half of the year, the global deficit rose to 134,000 tonnes from 103,000 tonnes in the same period last year.
BASE METAL TIPS – Watch MCX Zinc 182 Level is major support and above we expects bullish and target Level 192 rupees and then 195 Level very very soon.
China’s private sector logged its fastest growth in four months in August as both manufacturers and service providers see improved rates of activity growth, survey data from IHS Markit showed. The Caixin composite output index climbed to 51.6 in August from 50.9 in July. Activity across the service sector advanced at a faster pace than that seen for the manufacturing sector.
The services Purchasing Managers’ Index came in at a three-month high of 52.1, up from 51.6 in July. The reading was expected to rise marginally to 51.7. In economic news, U.S. manufacturing activity contracted for the first time in three years in the month of August, according to a report released by the Institute for Supply Management.
The ISM said its purchasing managers index fell to 49.1 in August after dipping to 51.2 in July, with a reading below 50 indicating a contraction in manufacturing activity.
A report released by the Commerce Department showed a slight uptick in U.S. construction spending in the month of July following a smaller than previously estimated slump in June.