Zinc Supply Cuts Outstripped By Demand Destruction from Coronavirus

Zinc MCX Tips Today

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.

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MCX Zinc Day Trading – Below 194 Under Selling Zone Target 188—187

MCX Zinc Day Trading

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.

Read moreMCX Zinc Day Trading – Below 194 Under Selling Zone Target 188—187

MCX Zinc Day Trading – Below 194 Under Selling Zone Target 188—187 via @goldsilverrepor

BASE METAL TIPS – MCX Zinc Tips – Above 182 Buy 10—20—50 Lots for Target 192—195

ZINC MCX TIPS TODAY

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.

Read moreBASE METAL TIPS – MCX Zinc Tips – Above 182 Buy 10—20—50 Lots for Target 192—195

BASE METAL TIPS – MCX Zinc Tips – Above 182 Buy 10—20—50 Lots for Target 192—195 via @goldsilverrepor