MCX Zinc Magical Level ₹ 198, Below What You Think ₹ 174??? or Reversal
Technical Power of CFA’s
(CHARTRED FINANCE ANALYST TEAM)
“No Magic, No Miracle, Just Power of Level”
Neal Bhai Reports (NBR) By CFA’s and MFA’s Technical Team
Mobile No. 9582247600 & 9899900589
Yesterday Zinc prices got pressure as the market priced in weaker demand in top consumer-China, which is embroiled in the trade spat with the United States even as its manufacturing sector slows.
While US President Donald Trump has this year sought to renegotiate some of the United States’ trading relationships, in particular with China….. He has imposed tariffs on some imports, in turn sparking retaliatory action by other countries, raising fears of a global tradewar.
Meanwhile according to the ILZSG, the global refined zinc market boasted a 25 kt surplus in Q1 2018. In addition, reported inventories rose by 118 kt in Q1. Zinc mineproduction, however, barely budged in Q1 compared with Q1 2017. In Q1 of this year, mineproduction was 3,086,000 tons, compared with 3,082,000 tons in Q1 2017. – Neal Bhai Reports (NBR)
