Zinc On MCX Settled Up 0.18% At 166.95

Zinc on MCX settled up 0.18% at 166.95 as support seen after centrist candidate Emmanuel Macron's strong performance in the first round of the French presidential election boosted appetite for cyclical assets, sending stock markets sharply higher. Last week Zinc led a near across-the board rise in Shanghai base metals futures on Friday on the back of robust gains in overnight London trading and buoyant equity markets.

Support also seen as positive sentiment on the outlook for industrial commodities in China also pushed future contracts along. The most-traded zinc contract on the Shanghai Futures Exchange climbed more than 3 percent to 21,860 yuan a tonne. While Three-month zinc on the London Metal Exchange maintained overnight momentum, trading steady at $2,635 a tonne after posting a 3.2 percent in the last London session.

In the week ahead, political developments in France are likely to set the tone ahead of Thursday’s European Central Bank meeting and Friday’s euro zone inflation data. Investors will also be focusing on preliminary estimates of first quarter growth from the UK and the U.S. on Friday. Technically market is under short covering as market has witnessed drop in open interest by -4.65% to settled at 3837 while prices up 0.3 rupees, now Zinc is getting support at 165.8 and below same could see a test of 164.7 level, And resistance is now likely to be seen at 168, a move above could see prices testing 169.1. 
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Suhani Verma

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