SELL ZINC AUG BELOW 199.65 TARGET 199.15-198.65-197.65 WITH SL 201.70
Zinc
on MCX settled down -0.27% at 200.25 dropped on profit booking while
earlier in the session prices rose to its highest price in a decade as
investors ploughed into metals used by China's steel sector, seeing
robust demand even as capacity is constrained by Beijing's drive for
industry reform. Yesterday LME zinc hit the highest since October 2007
at $3,180.50 a tonne. Zinc prices were also driven by rising
expectations of increase in the Chinese infrastructure spending, as stocks at Chinese ports fall for a fourth week.
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Technically market is under long liquidation as market has witnessed drop in open interest by -6.9% to settled at 8020, now Zinc is getting support at 198.6 and below same could see a test of 196.8 level, And resistance is now likely to be seen at 202.8, a move above could see prices testing 205.2.
Trading Ideas:
* Zinc trading range for the day is 196.8-205.2.
* Zinc pared gains on profit booking after prices rose as expectations of a large market deficit this year fuelled speculative buying.
*
LME Zinc stocks were at 247,850 tonnes, are down more than 40 %since
the start of the year and cancelled warrants at nearly 50 %.
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