Tuesday, 22 August 2017

ZINK MARKET NEWS & CALLS UPDATE

SELL ZINC AUG BELOW 199.65 TARGET 199.15-198.65-197.65 WITH SL 201.70

Zinc on MCX settled down -0.27% at 200.25 dropped on profit booking while earlier in the session prices rose to its highest price in a decade as investors ploughed into metals used by China's steel sector, seeing robust demand even as capacity is constrained by Beijing's drive for industry reform. Yesterday LME zinc hit the highest since October 2007 at $3,180.50 a tonne. Zinc prices were also driven by rising expectations of increase in the Chinese infrastructure spending, as stocks at Chinese ports fall for a fourth week.

Technically market is under long liquidation as market has witnessed drop in open interest by -6.9% to settled at 8020, now Zinc is getting support at 198.6 and below same could see a test of 196.8 level, And resistance is now likely to be seen at 202.8, a move above could see prices testing 205.2.

Trading Ideas:

* Zinc trading range for the day is 196.8-205.2.

* Zinc pared gains on profit booking after prices rose as expectations of a large market deficit this year fuelled speculative buying.

* LME Zinc stocks were at 247,850 tonnes, are down more than 40 %since the start of the year and cancelled warrants at nearly 50 %.

2 comments:

  1. Aurobindo Pharma was the top Nifty gainer trading at Rs 770 per share, up by 1.5% while IOC was top Nifty loser trading at Rs 441.80 per share, down by 1.45%.capitalstars

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  2. The OPEC (Organization of the Petroleum Exporting Countries) said in its intimately watched THE monthly report, that output in the August declined by the 79,000 barrels a day to the 32.76 million, driven mostly by a drop in the Libya, Venezuela, Gabon and Iraq.

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