Gold Silver Reports (GSR) – Now MCX Zinc is getting support key level 210 and below same could see a test of 208 levels and resistance key is 214, a move above could see prices testing 218.
Zinc price on MCX settled down 0.91% at 213.25, while zinc touched its lowest since December after an increase in stocks calmed fears about availability.
On-warrant stocks available to the market in LME-registered warehouses have risen by 111 percent in two days to 177,000 tonnes, reducing fears of supply shortages that drove zinc, used to galvanize steel, to a 10-1/2-year high last month.
Inventories in Shanghai Futures Exchange warehouses have also doubled to 150,000 tonnes this year. Still sentiments remain weak for metals as risk of a tariff on U.S. imports largely recovered from steep falls on Thursday after an official said certain key partners could be exempt from duties allaying concerns over demand.
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Concerns that the U.S. could slap down import tariffs on steel, impacting zinc, used in galvanised steel and nickel, used in stainless steel, as well as aluminium have dragged those metals in the past week.
While U.S. President Donald Trump plans to offer Canada and Mexico a 30-day exemption from planned tariffs on steel and aluminium imports, which could be extended based on progress in NAFTA talks, a White House official said on Wednesday night.
Today trader will eye on dollar as a rise in the dollar also weighed on prices after an economic report showed the private sector labor market remained robust, raising the prospect of above-forecast nonfarm payrolls data due Friday. Now technically market is under fresh selling as market has witnessed gain in open interest by 6.49% to settled at 1346 while prices down -1.95 rupees. – Gold Silver Reports
