Zinc On MCX Settled Up

Zinc on MCX settled up 0.93% at 184.50 rebounded strongly as investor sentiment picked up after the strong consumer confidence number in the U.S. saw Trump worries fade. Sentiment was also boosted by secondary economic data in China that showed March activity was strong. The China Satellite Manufacturing Index rose to 51.8, its strongest level in five years, while a measure of sales manager activity also rose strongly. 

Activity in China's vast manufacturing sector likely grew for an eighth straight month in March as a surprise rebound in the property market added to a construction boom, boosting sales of building materials from steel to cement. Metal prices got support as stronger than expected U.S. home sales data supported the narrative of a stronger U.S. economy, which pushed the dollar to session highs. 

The U.S. National Association of Realtors said its pending home sales increased by 5.5% last month, which was far above economists’ forecast of a 2.4% increase. Meanwhile, British Prime Minister Theresa May triggered Article 50 on Wednesday, the legal process by which Britain will leave the EU. Article 50 gives the leaving country two years to negotiate an exit deal and once it's triggered, it can't be stopped except by unanimous consent of all member states. 

Elsewhere, investors mulled over comments from Federal Reserve officials, as Fed member Charles Evans said Wednesday, he has confidence that two total rate increases in 2017 seems “very safe”. Now Market watchers will also be watching U.S. economic reports, including figures on personal income and spending and appearances by a number of Fed officials. Technically market is getting support at 182.4 and below same could see a test of 180.2 level, And resistance is now likely to be seen at 186, a move above could see prices testing 187.4.

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Suhani Verma

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