Zinc Is Seen Trading At $2060-2070 Range At LME
CommodityOnline | Mar 31, 2014 03:35AM ET
Zinc 3 month forward prices at the LME as of Friday 5:50 PM IST was seen trading at $1985, up by 1.72% from its previous close. Likewise, the MCX March contract is trading at Rs 119, up by 0.30%. Although Indian Zinc prices have risen in line with LME prices, the gains have been minimal due to the rupee’s appreciation. 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 0.776 million tons in the last week, up from 0.780 million tons. We believe that in the next week, 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 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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