Zinc On MCX Settled Up 0.12% At 165.2


Zinc on MCX settled up 0.12% at 165.2 recovered from the day's low on fresh buying despite of undermined by another weak reading from the Chinese economic. The base metals have been under pressure recently, and on Wednesday the complex saw a big sell-off. Although they have steadied today they failed to gain any significant support from the US Federal Reserve’s statement that the US economy’s Q1 weakness was “Transitory”. Instead, the metals remain pressured by the recent batch of negative Chinese economic data which is denting future demand expectations. Growth in China's services sector cooled to its slowest in almost a year in April as fears of slower economic growth dented business confidence, even as cost pressures eased, a private survey showed on Thursday. Meanwhile the U.S. Federal Reserve kept interest rates unchanged on Wednesday and downplayed weak first-quarter economic growth while emphasising the strength of the labour market, in a sign it was still on track for two more rate rises this year.

This week prices corrected after 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, a union leader said on Friday. 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. Technically market is under fresh buying and getting support at 163.5 and below same could see a test of 161.8 level, And resistance is now likely to be seen at 166.4, a move above could see prices testing 167.6. 
 
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Suhani Verma

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