Gold Silver Reports (GSR) – Meanwhile LME zinc inventories rose by 17,200 tonnes to 250,400 on Friday, LME data showed. While Zinc social inventory in Shanghai, Guangdong, and Tianjin fell some 2,700 mt from last Friday to 97,300 mt as of Monday July 23.
MCX Zinc is getting support key @ ₹ 175 level and below same could see a test of ₹ 171.20 levels and resistance key is now likely to be seen @ ₹ 185 level, a move above could see prices testing ₹ 189.
A drop of 4,100 mt was seen in Shanghai due to limited arrivals from smelters and less-than-expected inflow of imported materials. This led to the overall decline. Inventories rose just 700 mt each in Tianjin and Guangdong, as smelters destocked when prices picked up, and as local environmental probes affected downstream consumption.
Now metals traders will remain focused on the dollar this week after comments by U.S. President Donald Trump on interest rates stalled a rally in the greenback on Friday, offering some relief to gold, which recovered from one-year lows. Investors will also be looking ahead to Friday’s U.S. GDP report to see how the economy performed in the second quarter. – Neal Bhai Reports (NBR)
