Technically Zinc market is under long liquidation as market has witnessed drop in open interest by 19.07% to settled at 2711 while prices down 1.55 rupees.
Now MCX Zinc is getting support at 185.5 and below same could see a test of 183.6 level, And resistance is now likely to be seen at 188.7, a move above could see prices testing 190.
Zinc on MCX settled down 0.82% at 187.15 on long liquidation while prices recovered some earlier losses tracking bounce from LME Zinc which closed at $2,610/mt as support seen from low inventories sustains, weakening consumption by year-end could limit upside room for zinc prices.
Last night most base metals ended in negative territory whereby LME nickel slumped over 3%, aluminium dropped 1.6%, copper slid some 1% and zinc lost 0.4% while lead gained 0.4%.
For Quick Trial – 8962000225 ✔
or mail us here: info@ways2capital.com
or visit http://www.ways2capital.com
✆ - 0731-6626191 | Toll Free - 1800-3010-2007
Give a Missed Call for Free Trial - 09699997717
No comments:
Post a Comment