Markit also reported that Germany’s factory sector remained in contraction, raising concerns over the global economy. The German IHS Markit PMI for manufacturing rose marginally to 43.6 in August, from 43.2 in July. Meanwhile, services PMI hit a seven-month low level of 54.4 as against the previous month?s reading of 54.5 and 54 anticipated.
Base Metal MCX Zinc future Trading Tips Keep Eye on 180 Level.
MCX Zinc Only Below 180 Level looking very weak Expect Down Side Target 172 — 164.
MCX Zinc Future Long Term view — Super Downtrend Below 182 sell on rise. We See Big Down Side Target 154 — 132 Till December 2019.
Stocks of refined zinc across Shanghai-bonded warehouses fell for a second straight week, decreasing by 1,200 mt from a week ago to 90,500 mt as of Friday August 23, showed data. The closed arbitrage window and sufficient domestic supplies kept the import market quiet.
US manufacturing purchasing managers index (PMI) dropped below the 50 mark for the first time in nearly a decade at 49.9 and missed the market expectation of 50.5, according to the IHS Markit’s report.
The number of Americans filing applications for unemployment benefits fell sharper than expected last week, suggesting the labour market was holding firm despite a manufacturing slowdown and concerns the economy is on a path toward recession.
Initial claims for state unemployment benefits dropped 12,000 to a seasonally adjusted 209,000 for the week ended August 17, the Labour Department said. Data for the prior week was revised to show 1,000 more applications received than previously reported.