MCX Zinc Trading Tips: A ceasefire in the Israel-Iran conflict announced by US President Donald Trump lent a fresh impetus to base metal prices, which traded positively on Wednesday. MCX Zinc futures on the MCX were up by 0.20% and trading at Rs 255.85 per kg.
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The range-bound trade indicates a cautious approach by the traders who are waiting to see how the development unfolds on the ground.
The decline in the dollar index (DXY) has been helping commodity prices remain in check. In the last one month, the DXY is down 2% while going down by 1% in the past five sessions. It has slipped below 98 against a basket of six top currencies and is hovering around 97.95, gaining by 0.09% on an intraday basis.
A lower greenback makes imports of dollar-denominated commodities like metals cheaper for countries.
Zinc prices have been steady, supported by better-than-expected Chinese retail data, although the escalating Israel-Iran conflict capped gains. “China’s May economic data was mixed, as its retail sales data exceeded expectations, even as industrial output missed the forecast. Ongoing weakness in the property sector also persisted during the month, with new home prices declining,”.
MCX Zinc Technical Outlook
Decoding the hourly MCX Zinc charts, Mishra said that the pattern indicates tight consolidation between Rs 247–255, with price hovering above short-term EMAs. An inverse head and shoulder pattern on the hourly timeframe hints at an imminent breakout, he said, adding that the momentum indicators favour an upside move, but bulls must clear Rs 260 decisively to validate continuation.
MCX Zinc Trading Strategy:
- ✅MCX Zinc Price Entry (Buy): At Rs 252–251.
- ✅Stop-loss (SL): Rs 247 (Closing Basis)
- ✅Targets price: Rs 258 followed by Rs 262——265
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