MCX Zinc Tips Today: Zinc yesterday settled down by 0.11% at 234.65 but prices recovered from lows as speedy vaccination rollouts and trillions in dollars of economic stimulus lifted hopes of a robust global economic recovery and higher demand for metals.
MCX Zinc Tips: Zinc yesterday settled up by 1.25% at 226.45 amid falling US dollar and US Treasury yields, and the International Monetary Fund raised its 2021 growth outlook for the global economy to 6%.
MCX Zinc settled down 0.42% at 191.5 as pressure seen after China’s industrial output grew significantly slower than expected in October despite of decline in LME zinc inventories. China’s central bank lowered the interest rate on reverse repurchase agreements by five basis points, the first reduction in the short-term liquidity tool in more than four years.
The global zinc market swung into a 10,900 tonne surplus in June from an upwardly revised deficit at 38,200 tonnes May, data from the International Lead and Zinc Study Group (ILZSG) showed. During the first half of the year, the global deficit rose to 134,000 tonnes from 103,000 tonnes in the same period last year.