Zinc MCX Tips Today Hit Full Target High 198.90 – Neal Bhai Reports

Zinc MCX Tips Today Hit Full Target High 198.90, MCX Zinc yesterday settled up by 0.88% at 193.60 on Chinese demand and hopes Sino-U.S. trade tensions were easing.

China’s central bank injected 700 billion yuan of medium-term lending facility (MLF) loans into the market, easing concerns on tightened liquidity.

Data showed that social inventories of refined Zinc MCX Tips Today ingots across Shanghai, Tianjin, Guangdong, Jiangsu, Zhejiang, Shandong and Hebei rose 2,100 from last Friday August 14 to 177,200 mt as of Monday August 17.

The stocks were down 5,500 mt from last Monday August 10. China’s refined zinc output increased in July as some smelters which had trimmed output due to shortage of zinc concentrate raised production and some smelters recovered from maintenance.

Data showed that China’s refined zinc output stood at 492,800 mt in July, rising 27,400 or 5.9% on month and 0.44% on year. Output totalled 3.36 million mt in the first seven months of this year, up 3.95% from the same period last year.

Technically Zinc market is under short covering as market has witnessed drop in open interest by 8.68% to settled at 2263 while prices up 1.7 rupees.

Refined zinc output to expand 1,200 mt to 494,000 mt in August. Domestic refined zinc smelters kept raw material stocks that could guarantee production for about 28 days in August.

Rising treatment charges (TCs) for domestic zinc concentrate and higher zinc prices buoyed smelters’ profits, which encouraged them to raise output.

China’s refined copper output in July fell from the previous month, official data showed on Tuesday, as smelters carried out summer maintenance and supply of copper concentrate remained tight owing to coronavirus-related mining curbs.

Copper Output stood at 814,000 tonnes last month, the National Bureau of Statistics said, down 5.3% from 860,000 tonnes in June but flat year on year.

China’s July lead output was up 18.9% y/y at 522,000 tonnes – statistics bureau.

China’s July zinc output was down 0.2% y/y at 524,000 tonnes – statistics bureau.

China’s July crude iron ore output was flat y/y at 73.03 mln tonnes – statistics bureau.

China’s July alumina output was down 1.6% y/y at 6.1 mln tonnes – statistics bureau.

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Zinc MCX Tips Today
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