MCX Zinc Tips Today: Zinc yesterday settled down by 0.11% at 234.65 but prices recovered from lows as speedy vaccination rollouts and trillions in dollars of economic stimulus lifted hopes of a robust global economic recovery and higher demand for metals.
Recent economic readings from the United States and China reinforced this view, while President Biden’s multitrillion-dollar infrastructure plan lent further optimism to the bulls.
ShFE zinc prices soared 3.2% to 22,430 yuan a tonne, its highest since March 23. Zinc concentrate imports in March exceeded expectations. Imported zinc concentrate will arrived at smelters in April and May. Imports are expected to remain high levels.
MCX Zinc Tips Today And Target Price
- MCX Zinc Trading Tips and Target Tips for today 227—235
- Zinc settled flat but prices recovered from lows as speedy vaccination rollouts and trillions in dollars of economic stimulus lifted hopes of a robust global economic recovery and higher demand for metals.
- Recent economic readings from the United States and China reinforced this view, while President Biden’s multitrillion-dollar infrastructure plan lent further optimism to the bulls.
- ShFE zinc prices soared 3.2% to 22,430 yuan a tonne, its highest since March 23. Zinc concentrate imports in March exceeded expectations.
Zinc concentrate is expected to remain a tight balance in Q2 amid the seasonal recovery of domestic mines. Maintenance at smelters will increase in May and output is expected to increase only 8,000 mt on the month, which is far less than expected.
Thus, demand for zinc concentrate rose slightly. TCs in some regions is likely to rise in May as the tight zinc concentrate supply is eased.
The national average price of zinc concentrate TCs is expected to increase by about 50 yuan/mt month-on-month in May, and the cost support for smelters will be slightly lowered. Though orders weakened amid high raw material prices, social inventories declined amid rigid demand.
(By Neal Bhai Reports / Gold Silver Reports, India)
