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11:34
Niva Capital Advisory
MCX Zinc negative; support 106 and 105.30
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MUMBAI :- Zinc futures for June delivery on India's Multi Commodity Exchange (MCX) is negative and intra-day traders are advised to buy on dips for the day, according to our analyst at Commodity Online.
MCX zinc for June delivery was seen trading down by 1.57% at Rs.106.80 per kilogram as of 02.26 PM IST on Monday.
“For intra-day, support for the commodity is seen at 106 and 105.30 levels while resistance is seen at 109.45 and 110.35 levels,” said John Godson, Technical Analyst at Commodity Online.
“Buying sentiments are expected in the range of 106-106.5,” Godson noted.
Zinc prices on London Metal Exchange (LME) closed slightly up by $1809 per ton on Friday.
MCX zinc prices remained under pressure on concerns over economic recovery in China. Chinese HSBC Purchasing Managers' Index declined to 48.3 in June from May's final reading of 49.2, according to the data released by HSBC China last week.
Meanwhile, according to the preliminary data recently compiled by the International Lead and Zinc Study Group (ILZSG), over the first four months of 2013 global supply of refined zinc metal exceeded demand by 48kt. Total reported inventory levels over this period decreased by 111kt.
As in the case of lead, Chinese zinc mine output figures for March and April were estimated as no information was published by the Chinese National Nonferrous Metals Association (CNIA).
In other countries decreases were recorded in Australia, Canada, Ireland and Mexico and increases in India, Peru and Turkey.
A rise in global refined zinc metal production of 3.4% was primarily a consequence of higher output in China, Italy and the Republic of Korea.
Increases in demand for refined zinc metal of 3.7% in Europe, 11.9% in the United States, 10.7% in India and 7.1% in China were partially balanced by declines in Japan and the Republic of Korea resulting an overall increase in global usage of 5.7%.
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