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Friday, March 31, 2023

MCX Zinc likely to trade in a range between 194.4-201.4

MCX Copper expected to trade between 459.1-472.3 levels

MCX Natural Gas may trade in a range between 196.1-204.3

Crude Oil market under long liquidation; Support seen at 4020

MCX Silver may trade in a range between 39401-40781

Gold market under long liquidation; Support seen at 32837

Technically market is getting support at 196.1 and below same could see a test of 194.4 levels and resistance is now likely to be seen at 199.6, a move above could see prices testing 201.4.         

Zinc on MCX settled down -0.03% at 197.75 while low volumes and narrow trading ranges coming amid a slight uptick in the US dollar index, while continued US-China trade optimism came up against slower than expected US economic growth.

Climbing furthest in early session LME zinc’s three-month price climbed more than 1% during afternoon trading, nearing $2,800 per tonne amid a continued draw on LME supply, which remains at a decade low.

Last night base metals dropped on rupee firmness and after US data showed growth in the world’s largest economy was stronger than expected in the fourth quarter.

Now from data side the Commerce Department said Thursday that US GDP rose at a 2.6% annualised rate in the fourth quarter after expanding at a 3.4% pace in the third quarter, while the number of Americans filing applications for jobless benefits increased more than expected last week and the number of people on unemployment rolls increased to a 10-month high, suggesting some slowing in the labor market.

In China, factory activity contracted for a third straight month in February, with the official manufacturing PMI coming in at 49.2 in February, down from 49.5 in January, according to data released by the NBS on Thursday.

Now day ahead traders are looking towards Caixin February manufacturing PMI for China will be due today. In Germany, retail sales for January, unemployment rate for February and Markit manufacturing PMI for February will be released.

Trading Ideas:
–Zinc trading range for the day is 194.4-201.4.
–Zinc prices traded in range amid U.S. warning that it was too early to predict the outcome of trade talks with Beijing.
–China imported just under 70,000 tonnes of refined zinc in January.
–Chinese smelters have been caught between a tight concentrates market and an escalation of environmental regulations.

Courtesy: Kedia Commodities

Source: Commodityonline.com

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