MCX Mentha Oil under fresh selling; Resistance seen at 1493
NCDEX Chana under fresh buying; Support seen at 4311
MCX Cotton under short covering
NCDEX Jeera under short covering; Support seen at 17125
Copper market under short covering; Support seen at 414.3
Technically Zinc market is under long liquidation as market has witnessed drop in open interest by -13.49% to settled at 2219, now Zinc is getting support at 171.6 and below same could see a test of 169.2 level, And resistance is now likely to be seen at 178.2, a move above could see prices testing 182.4.
Zinc on MCX settled down 2.85% at 173.8 amid earnings across China’s industrial firms in November dropped for the first time in nearly three years. Growth in China’s vast manufacturing sector stalled for the first time in over two years in November, with the official purchasing managers’ index (PMI) falling to 50, indicating no growth in activity or contraction.
Earnings at China’s industrial firms in November dropped for the first time in nearly three years, as slackening external and domestic demand left businesses facing more strain in 2019 in a sign of rising risks to the world’s second-largest economy.
China imported 303,900 mt of zinc ore and concentrates in November, up 47.7% from October and 62.6% from November 2017, according to the latest data from China Customs. This grew zinc ore imports in January-November to 2.72 million mt, up 22.6% year on year.
In the first 11 months of 2018, zinc ore and concentrates imports originated from Australia amounted to 738,300 mt, accounting for 27% of the overall imports. Arrivals that were shipped amid great import arbitrage opportunities boosted November’s imports.
Output growth across mines overseas well supplied the markets abroad, which drove some resources to enter China. Zinc concentrate imports are likely to grow 4.76% from November to 110,000 mt in December, up 17.77% on a yearly basis.
Inventories of zinc concentrate at smelters came in at 33.6 days at the end of November, up 1.7 days from a month ago.
Trading Ideas:
–Zinc trading range for the day is 169.2-182.4.
–Zinc prices dropped amid earnings across China’s industrial firms in November dropped for the first time in nearly three years.
–Data showed earnings at Chinese industrial firms in November dropped for the first time in nearly three years.
–China imported 303,900 mt of zinc ore and concentrates in November, up 47.7% from October and 62.6% from November 2017.
Courtesy: Kedia Commodities
Source: Commodityonline.com
