MCX Gold likely to move in a range of 30846-31246
MCX Silver may trade between 36364-37304 levels
MCX Crude Oil likely to move in a range of 4311-4527
MCX Natural Gas under short covering; Resistance seen at 282.6
MCX Copper under short covering
Technically Zinc market is under fresh buying as market has witnessed gain in open interest by 0.56% to settled at 3435 while prices up 0.2 rupees.
Now MCX Zinc is getting support at 183.7 and below same could see a test of 181.9 level, And resistance is now likely to be seen at 187.1, a move above could see prices testing 188.7.
Zinc prices settled flat on expectations that a supply crunch will ease. China’s consumer prices increased at a steady pace in October, while producer price inflation slowed for the fourth consecutive month on weaker manufacturing activity, official data showed.
Inflation remained unchanged at 2.5 percent in October, the highest since February, the National Bureau of Statistics reported. Nonetheless, inflation remains below the government’s full year-target of around 3 percent.
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Output of refined zinc in October gained 2.81% on the month and stood at 459,300 mt. This is down 8.29% from a year earlier, and brought the output in January-October to 4.426 million mt, standing 8.29% lower than the same period last year.
Treatment charges (TCs) for zinc concentrate extended their gains in October as inflows of seaborne materials ensured adequate supplies in China’s zinc concentrate market. This, together with relatively high zinc prices, expanded profit margins across smelters and fuelled production enthusiasm that bolstered zinc output.
The Federal Open Market Committee (FOMC) eased concerns that the Fed would let up in its tightening of monetary policy. U.S. producer prices rose in October, according to data. The Labor Department said its producer price index increased 0.6% last month. In the 12 months through October, the PPI rose 2.9%.
Trading Ideas:
–Zinc trading range for the day is 181.9-188.7.
–Zinc prices settled flat on expectations that a supply crunch will ease.
–Output of refined zinc in October gained 2.81% on the month and stood at 459,300 mt.
–China’s consumer prices increased at a steady pace in October, while producer price inflation slowed for the fourth consecutive month on weaker manufacturing activity.
Courtesy: Kedia Commodities
Source: Commodityonline.com
