ZINC Market News By Ripples Advisory

Zinc trading range for the day is 131.4-138.6. Zinc on MCX settled up 2.6% at 136.05 tracking firmness from LME Zinc which pushes to past $2,000 as base metals supported on weak dollar ahead of Brexit vote. 

 

Base metals extended gains on Monday as concern that Britain might leave the European Union eased. The London Metal Exchange complex, also bolstered by a weaker dollar, joined shares and oil in sweeping higher after polls tilted away from a "Brexit" vote on Thursday.

Zinc daily stocks at Shanghai exchange came down by 3180 tonnes.Last week, officials on both sides suspended campaigning for two consecutive days following the tragic murder of Labour Party parliament member Jo Cox. In the U.K., the FTSE 100 surged 3% to 6,204.00, while the broader Euro Stoxx 600 Index jumped 3.65% to 337.67.


The rally among euro area stock spilled over onto Wall Street, where the Dow Jones Industrial Average rose by as much as 250 points. 

Technically now Zinc is getting support at 133.8 and below same could see a test of 131.4 level, And resistance is now likely to be seen at 137.4, a move above could see prices testing 138.6.

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