MCX Zinc Ready For Big Upside Target 198—202—212—216, Need Patience
MCX Zinc settled down 0.95% at 191.95 tracking weakness from LME Zinc prices which fell 0.6 percent to $2,683 as the dollar firmed and investors cashed in gains from a rally in the previous session.
The dollar found strength in minutes from a U.S Federal Reserve meeting that raised expectations of a possible U.S. interest rate increase this year. Meanwhile the United States and China have started to outline commitments in principle on the stickiest issues in their trade dispute.
The most significant progress yet toward ending a seven-month trade war, sources said.
MCX Aluminium Above 125 Target 138—142, Buy on Dips
Signs of progress in trade talks usually boost metals and equities, but markets had been “brewing on that theme for too long and most of the positive news has been priced in already.
MCX Lead Above 140 Target 149—154, Buy on Dips – Base Metal
Meanwhile the global zinc market deficit narrowed to 61,800 tonnes last December from a revised deficit of 80,900 tonnes in November, data from the International Lead and Zinc Study Group (ILZSG) showed.
