Gold Silver Reports – Zinc MCX Trading Zone Rs 222— 233 By Neal Bhai Indian Goldman — Technically MCX Zinc is under long liquidation as market has witnessed drop in open interest by -30.05% to settled at 7492 while prices down -2.7 rupees.
Zinc MCX is getting support at 224 and below same could see a test of 222 level, And resistance is now likely to be seen at 230, a move above could see prices testing 233.
Zinc on MCX settled down -1.18% at 226.75 on profit booking after prices gained as falling stockpiles suggested tight supplies, while expectations of strong demand pushed nickel to a 2 1/2-year peak after it broke through a key technical level last week.
Shortages of refined metal have seen stocks in LME-approved warehouses fall to their lowest since 2008 at 176,275 tonnes.
Japan’s industrial output grew in December at the fastest pace in eight months, and up for a third straight month, in a sign that its humming factories have likely driven economic expansion for an eighth consecutive quarter.
Trade ministry data out on Wednesday showed factory output grew 2.7 percent in December from the previous month, handily beating estimate of a 1.6 percent increase, following a 0.5 percent gain in November.
Investors looked ahead to details of infrastructure-building in U.S. President Donald Trump’s State of the Union address on Tuesday and Chinese manufacturing PMI data on Wednesday.
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In the coming week, investors will be focusing on the upcoming Federal Reserve meeting, the last under the leadership of Janet Yellen before she hands the chairmanship over to Jerome Powell.
Friday’s U.S. jobs report for January and Wednesday’s euro zone inflation data will also be closely watched. – Indian Goldman Neal Bhai Reports