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Zinc May Witness Sideways Trend, Trading At $2060-2070 Range

ByCommodityOnline
Published 04/01/2014, 04:57 AM
Updated 05/14/2017, 06:45 AM



Zinc 3 month forward prices at the LME on Monday closed at $1983 up by $7 from its previous close. Likewise, the MCX April contract is trading at Rs 119.55, up by Rs. 0.90 from its previous close. We do not see any development in the fundamentals of Zinc and therefore, prices have been trading in a broader range. However, we believe that zinc has been doing fairly better than lead.

There are no signs of support for the commodity from the inventory front as the LME stocks for zinc have been declining for the past several weeks which stood at 0.780 million tons as on Monday and no change from the previous close. We believe that on today, zinc prices may remain muted while the trend could be on the lower side. We do not intend to suggest any trade recommendation on zinc for the day while momentary day trading can be done. muted while the trend could be on the lower side. We do not intend to suggest any trade recommendation on zinc for the next week while momentary day trading can be done. In the similar lines Zinc is seen trading at $2060-2070 range this morning at LME and believe that it may also follow its peer commodity and move in a sideways trend. Hence, we are not suggesting any trade recommendation for the day.

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