Gold Silver Reports – Buy MCX Zinc Above 220 Fresh Buying Target Key 224—227 — Technically Zinc market is under fresh buying as market haswitnessed gain in open interest by 13.64% to settled at 9398 while prices up 5.1 rupees.
Buy MCX Zinc Above 220
MCX Zinc is getting support key level 220 and below same could see a test of 218 level, And resistance key now likely to be seen at 224, a move above could see prices testing 227.
Zinc on MCX settled up 2.33% at 223.70 on fresh buying tracking LME Zinc which climbed 1.9 percent on indications of a tight market.
Zinc price surged to the highest since 2007 on January 29th 2018 as falling stockpiles suggested tight supplies, drives zinc prices to new highs. Shortages of refined metal have seen stocks in LME approved warehouses fall to their lowest since 2008 at 176,275 tonnes.
Support also seen as worries that the Chinese market remains in surplus despite capacity cuts. Preliminary data recently compiled by the ILZSG, the global market for refined zinc metal was in deficit by 401 kilo tonne over the first ten months of 2017 with total reported inventories declining by 282 kilo tonne over the same period.
Read More: MCX Nickel Above 845 Only Fresh Buying — Goldman Neal Bhai Reports
World zinc mine production rose by 3.8% mainly as a result of increases in Eritrea, India, Peru and Turkey that more than balanced falls in Australia and the United States. Now Markets await US inflation data later this week, specifically consumer and producer prices in addition to retail sales, industrial, housing, and consumer confidence data. – Goldman Neal Bhai Reports
