Zinc On MCX Settled Down

Zinc on MCX settled down -1.8% at 182.50 as pressure seen after China has cut its growth target this year as the world's second-largest economy pushes through painful reforms to address a rapid build-up in debt, and erects a "firewall" against financial risks. A flurry of data in coming weeks is expected to show China posted solid economic growth in February, even as the government trimmed its growth target for the year to focus on containing the risks from a rapid build-up in debt. LME Zinc fell the most among the metals, down 1.2 percent to $2,740.50.

Meanwhile while Russia’s No. 1 zinc miner Ural Mining & Metallurgical Co., plans to boost zinc output by as much as 15 percent amid global supply curbs that drove up prices. Zinc content has also shrunk, though not as dramatically. UMMC plans to expand production by about 15 percent to as much as 290,000 tons a year in 2021, from 253,000 tons last year, by developing a new deposit, CEO Kozitsyn said. Now In the week ahead, markets will be looking ahead to Friday’s U.S. jobs report, which could seal the deal for a Fed rate hike later this month. 

Investors will also be looking to the outcome of Thursday’s European Central Bank meeting for fresh cues on the future direction of its stimulus program. Technically market is under fresh selling as market has witnessed gain in open interest by 0.15% to settled at 5262 while prices down -3.35 rupees, now Zinc is getting support at 180.8 and below same could see a test of 179 level, And resistance is now likely to be seen at 185, a move above could see prices testing 187.4.

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Suhani Verma

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