Zinc on MCX settled up 2.72% at 169.9


 
Zinc on MCX settled up 2.72% at 169.9 as the biggest gainer among other base metals on the back of robust gains in overnight London trading and buoyant equity markets. Zinc was the biggest LME gainer with a jump of 3.2 percent to close at $2,632. World Bureau of Metal Statistics (WBMS) data show global zinc market was in 177,000 tonnes of deficit during January and February 2017, compared to 258,000 tonnes of deficit in 2016. Global refined zinc output added 6.0% year-on-year in the first two months of the year.

Consumption was up 7%, with 87,000 tonnes from Japan, up 16% year-on-year. Global refined zinc demand increased 143,000 tonnes on a yearly basis during January-February. China’s apparent zinc consumption was 967,000 tonnes, representing 44% of global total. Expected shortages of zinc, a metal often favored by speculators, may not materialize this year because recent price gains have spurred miners around the world to increase output. Zinc was the best performer on the London Metal Exchange last year with a surge of 60 percent and many investors and analysts had pegged the metal as their top pick for 2017.

It had gained as much as 16 percent by mid-February, but has given up most of those gains as some speculators got cold feet. Premiums for physical refined zinc in top consumer China, based on levels in Shanghai warehouses, have slipped 15 percent so far this year to $110 per tonne, showing that refined metal supplies are healthy.

Technically market is under fresh buying as market has witnessed gain in open interest by 5.06% to settled at 4897, now Zinc is getting support at 164.8 and below same could see a test of 159.7 level, And resistance is now likely to be seen at 172.6, a move above could see prices testing 175.3.      
 
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Suhani Verma

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