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%.
BUY ZINC MCX TIPS TODAY CMP 220.50—219.50 TARGET 222 — 224 SL PAID. MCX zinc yesterday settled down by 2.63% at 216.35 amid profit booking as dollar seen supported due to continued concerns over the timing of more U.S. economic stimulus.
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.
Collapsing demand for zinc caused by the novel coronavirus will swamp supply cuts from major producers Peru and India this year and leave the market with a massive surplus that will weigh on prices of the material used to galvanise steel.
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.