Zinc: Levels To Watch Ahead
Satendra Singh | Oct 19, 2017 04:43AM ET
On Thursday, news on slight cooling down in China's economic growth to 6.8 in the third quarter from a year earlier, from the second quarter's 6.9 percent could have a negative impact on the base metals. The GDP numbers may enhance the feelings of continuity of financial curbs. Although, China's industrial output has seen a stronger-than-expected 6.6 percent rise in September, while retail sales also outperformed, though investment growth eased more than expected and property sales fell for the first time in over two years. All these economic concerns may raise the quantum of volatile moves in Zinc and other base metals futures price.
On analysis of the Zinc Futures price in different time frames, I find that a sustainable price move below the levels of $3133 may attract more bears amid growing volatility ahead.
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