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Saturday, January 22, 2022

MCX Zinc under fresh selling; Support seen at 182.8

Technically Zinc market is under fresh selling as market has witnessed gain in open interest by 7.04% to settled at 4013 while prices down 4.3 rupees.

Now MCX Zinc is getting support at 182.8 and below same could see a test of 181.2 level, And resistance is now likely to be seen at 187.3, a move above could see prices testing 190.2.

Zinc on MCX settled down 2.28% at 184.35 fell for a third consecutive session and hit its lowest in more than two weeks on concerns over U.S.-China trade dispute and slowing global economic growth.

US and Chinese officials expressed hopes on Monday that a new round of talks would bring them closer to easing their seven-month trade war, but a U.S. Navy mission through the disputed South China Sea cast a shadow over the negotiations in Beijing. Last night LME base metals, except lead, traded lower on Tuesday.

Zinc and aluminium dropped 1.2%, nickel slipped 0.6% and copper fell 0.4%. The US dollar fell on Tuesday after eight days of gains, the longest in two years, as investors turned to riskier assets on optimism over the outcome of US-China trade talks.

From data point US job openings rebounded to a record high in December, underscoring robust demand for workers. The number of positions waiting to be filled rose by 169,000 to 7.34 million, from an upwardly revised 7.17 million in the prior month, according to the Labor Department’s JOLTS released on Tuesday.

The quit rate remained at 2.3%, indicating confidence that job prospects remain strong. Now a day ahead Economic data slated for release today include China’s January trade balance, the US January consumer price index (CPI) and the weekly crude inventories report from the Energy Information Administration (EIA).

Trading Ideas:
–Zinc trading range for the day is 181.2-190.2.
–Zinc prices dropped on concerns over U.S.-China trade dispute and slowing global economic growth
–U.S. and Chinese officials expressed hopes that a new round of talks would bring them closer to easing their seven-month trade war.
–Investors seemed to focus more on downbeat news rather than optimism expressed by China about the new round of trade talks with the United States.

Courtesy: Kedia Commodities

Source: Commodityonline.com

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