Zinc On MCX Settled Down -3.03% At 165


 
Zinc on MCX settled down -3.03% at 165 dropped sharply as pressure seen after the workers at a zinc smelter in Peru operated by a unit of Brazil's Votorantim Participacoes called off a strike planned for next week after the company agreed to settle most of their demands. The 350-member union earlier this week had announced the planned work stoppage at the Cajamarquilla plant over demands for better pay and working conditions. It was set to begin on May 6 and would have been the union's first strike in 16 years. Meanwhile last week prices got support after the update that the global zinc market is forecast to register a deficit of 226,000 tonnes in 2017, while the lead market will be close to balanced, the ILZSG said. While Global demand for refined zinc is expected to rise by 2.6 percent to 14.3 million tonnes in 2017, compared with a 3.1 percent increase in 2016, the group said.

The ILZSG expects a 2.3 percent rise in global demand for refined lead to 11.39 million tonnes in 2017 and world refined lead metal production to increase by 2.2 percent to 11.39 million tonnes. Overnight, prices traded lower on Wednesday, after the release of strong U.S. data sparked upside momentum in the dollar and capped gains in the metal. Sentiments remain weak for metals after better than expected jobs and services sector growth data fuelled expectations that the Federal Reserve would hike interest rates in June. Technically market is under long liquidation as market has witnessed drop in open interest by -5.17% to settled at 3596 while prices down -5.15 rupees, now Zinc is getting support at 163.6 and below same could see a test of 162.1 level, And resistance is now likely to be seen at 167.8, a move above could see prices testing 170.5.
 
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Suhani Verma

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