LME Zinc May Witness Prices Down, Selling Recommended
CommodityOnline | Apr 02, 2014 07:05AM ET
3 month forward LME Zinc prices traded down and ended the day at $1968 down by $15 from its previous close. Likewise, April future MCX prices ended at Rs. 118.40 down by 0.96%. We could see a good amount of price correction as the stocks rose substantially at LME from 0.784 million tons to 0.834 million tons.
This morning at LME Zinc is seen trading steady and believes that the commodity may remain lower for the day and we recommend selling from pullback. We also expect that the rising stocks may continue to pressure the commodity to remain lower. As stated in the lead section, we suggest a spread by which we need to sell lead and buy zinc futures for April contract.
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