Zinc On MCX Settled Up 1.12% At 170.90

Zinc on MCX settled up 1.12% at 170.90 as LME Zinc rallied nearly 1%, and its close of nearly US$1.19 per pound represented the top end of a three-week range it has traded in post a sell-off that occurred in late March/early April. Zinc is the other metal to watch in terms of inventory levels. The decline in one year LME zinc warehouse levels from circa 460,000 tonnes in mid-2016 to approximately 380,000 tonnes in January was a significant fundamental underpinning the metal’s increase from approximately US$0.90 per pound in mid-2016 to more than US$1.30 per pound in January 2017. While traders and investors worldwide remain generally upbeat at present, as evidenced by lofty stock market prices, there are still geopolitical fires smoldering, including U.S. relations with North Korea and Russia.

These issues are not going away anytime soon. The markets’ data-point highlights of the week are the Federal Reserve’s Open Market Committee (FOMC) meeting that begins Tuesday and ends Wednesday afternoon with a statement, and Friday morning’s U.S. jobs report from the Labor Department. No change in U.S. monetary policy is expected at this week’s FOMC meeting. However, as usual, the wording of the FOMC statement released early Wednesday afternoon will be parsed for any clues on future U.S. monetary policy moves. The key outside markets on Monday saw the U.S. dollar index trading near steady. Technically market is under fresh buying as market has witnessed gain in open interest by 4.99% to settled at 3768 while prices up 1.9 rupees, now Zinc is getting support at 169.2 and below same could see a test of 167.5 level, And resistance is now likely to be seen at 171.9, a move above could see prices testing 172.9. 
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Suhani Verma

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