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Commodity Zinc Market News
Zinc on MCX settled down by -1.12% at 150.25 slipped as having encountered overhead resistance manage to hold 150 level mark, while pressure seen on entire base metals complex as uncertainty ahead of the U.S. central bank meeting and as investors sold to book profits from a recent rally.
Zinc, the best performing metal on the LME this year, ended down 0.9 percent at $2,229 a tonne, paring losses after touching $2,212, the lowest since July 18. Earlier this week LME Zinc edged up 0.2 percent on Monday and hit a 14-month peak last week of $2,294.50.
Zinc prices was also getting support this month after citing data from the International Lead and Zinc Study Group, which shows the global zinc market deficit hit 68,700mtns in the first five months of 2016, compared to the supply surplus of 177,000mtns over the same time in 2015.
Technically market is getting support at 148.9 and below same could see a test of 147.6 level, And resistance is now likely to be seen at 151.6, a move above could see prices testing 153.
Zinc, the best performing metal on the LME this year, ended down 0.9 percent at $2,229 a tonne, paring losses after touching $2,212, the lowest since July 18. Earlier this week LME Zinc edged up 0.2 percent on Monday and hit a 14-month peak last week of $2,294.50.
Zinc prices was also getting support this month after citing data from the International Lead and Zinc Study Group, which shows the global zinc market deficit hit 68,700mtns in the first five months of 2016, compared to the supply surplus of 177,000mtns over the same time in 2015.
Technically market is getting support at 148.9 and below same could see a test of 147.6 level, And resistance is now likely to be seen at 151.6, a move above could see prices testing 153.
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