Gold Silver Reports ✅ – Technically Zinc market is under fresh selling as market has witnessed gain in open interest by 1.87% to settled at 8389 while prices down 0.8 rupees.
Free Zinc MCX Tips
MCX Zinc is getting support key at 211 and below same could see a test of 209 levels and resistance key is now likely to be seen at 215, a move above could see prices testing 217.
Zinc MCX settled down 0.38% at 211.8 on profit booking after prices seen supported seen after the global zinc market is likely to remain in deficit in the years to come, as new mined supply and restarts are unable to offset previous capacity closures.
Zinc was up 27 percent so far this year after a 60 percent gain last year. Tight supplies has seen stocks of zinc in LME approved warehouses fall 70 percent since September 2015 to around 180,000 tons, a fraction of global demand estimated at 14 million tons.
China’s war on polluting industries, its supply reforms and robust demand growth have this year combined to create a bonanza for all metals which are heading for their biggest rises since the turn of the decade. However, prices slid on Friday as traders and funds took profits and squared their books ahead of the year end.
In the week ahead, metals prices will remain vulnerable to any rebound in the greenback as well as in increase in yields. The opportunity cost of holding non-interest bearing metals increases when yields rise elsewhere. Investors will get back to work when markets reopen on Tuesday after the Christmas and New Year’s holidays, with all eyes on the monthly U.S. employment report due Friday.
Market watchers will also focus on Wednesday’s minutes of the Fed’s December policy meeting for further hints on the future path of monetary policy. – Neal Bhai Reports
