Zinc On MCX Settled Down -0.75%

Zinc on MCX settled down -0.75% at 178.95 tracking weakness from LME zinc which shed 0.6 percent to settled at $2776 as weighing on the metals market was subdued inflation data in top metals market China as the economy loses momentum. Last week Zinc prices have moved sharply higher over the past month, spurred by tight supply amid tougher Chinese environmental regulations, and trader say the metal could rise further despite signs of a rebound in mine output.

While some investors have been worried that monetary tightening in China would hit economic growth, but Fu said the authorities there were wary about moving too fast. Meanwhile the U.S. economy continues to churn out jobs and grow at a steady pace, with investment and consumer confidence both healthy and only moderate signs of risk in financial markets, the U.S. Federal Reserve said on Friday. While China's producer price index (PPI) rose 5.5 percent in June from a year earlier, the National Bureau of Statistics (NBS) said on Monday.

This was in line with market forecasts and unchanged from the previous month. In the week ahead, investors will be focusing on Fed Chair Janet Yellen's testimony on monetary policy as well as U.S. data on inflation and retail sales, due out on Friday. The latest UK jobs report and the Bank of Canada’s meeting, both set for Wednesday, will also be closely watched.

Technically market is under long liquidation as market has witnessed drop in open interest by -5.04% to settled at 7774 while prices down -1.35 rupees, now Zinc is getting support at 177.4 and below same could see a test of 175.7 level, And resistance is now likely to be seen at 180.6, a move above could see prices testing 182.1.

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Suhani Verma

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