MCX Zinc Trend Today: Above 210 Target 228—238 (Positional) Buy On Dips and Relaxxx. Zinc yesterday settled at 221.45 amid expectations of tighter zinc ingot supply. Pressure also seen affected by factors such as the slowdown of vaccination in Europe and the strengthening of the US dollar, US initial jobless claims unexpectedly increased last week.
MCX Zinc Trend Today And Target Price
The uncertainty of China-US relations still existed with the fact that the end-user consumption did not fully recover, and the high prices of zinc ingot and steel inhibited the order increment of downstream galvanized enterprises.
Data showed that social inventories of refined zinc ingots across Shanghai, Tianjin, Guangdong, Jiangsu, Zhejiang, Shandong and Hebei decreased 3,800 mt in the week ended March 19 to 259,500 mt.
The stocks fell 5,900 mt from Monday, March 15. Stocks in Shanghai increased slightly due to continuous arrivals at smelters and the inflow of import zinc. In south China’s Guangdong, with the decrease of zinc prices, the downstream procurement volume gradually enlarged, which led to the decrease in stocks.
Stocks in Tianjin fell slightly as the goods were picked up one after another after the downstream purchase. Stocks across the three major trading hubs (Shanghai, Tianjin, and Guangdong) fell 12,300 mt this week, after a 5,800 mt increase last week.