FREE ZINC TIPS 29-12-2016
Zinc on MCX settled up 1% at 175.95 amid expectations of stronger demand in top consumer China persuaded buyers to return to the market. The United States accounts for only about 8 percent of the roughly 22 million tonnes-per-year global market. China, on the other hand, is the world's top consumer of the metal. China’s zinc smelters are accepting record low fees to produce metal amid a shortage of ore, while winter mine closures are likely to force plants to cut output early next year, industry sources said. The International Lead and Zinc Study Group recently released preliminary data for zinc in 2016, which revealed the global market for the refined metal in deficit from January to October of this year. Total reported inventories also fell over the same period. Global zinc mine production dropped by 1.8% compared to the same 10 months in 2015 with the overall reduction attributed to drop-offs in Australia, Ireland, Peru and India. Of note were Bolivia, China and the Russian Federation which posted increases this year. Combined zinc inventories in Shanghai, Tianjin and Guangdong decreased 14,800 to 211,800 tonnes this past week. Inventories in Shanghai and Guangdong declined. Zinc prices in Shanghai traded 80-16 yuan per tonne above SHFE February zinc December 22, with the premiums expanding 60-70 yuan per tonne from a day earlier. Market inventories are low, and maintenance at zinc smelters also tightened supply. Zinc inventories in Shanghai, Guangdong and Tianjin fell from 450,000 tonnes early this year to 220,000 tonnes. nventories in Shanghai were 95,000 tonnes, the lowest from September 2008. Technically now Zinc is getting support at 172.6 and below same could see a test of 169.2 level, And resistance is
now likely to be seen at 178.3, a move above could see prices testing 180.6.
Free Intraday Tips : Join Our Whatsapp No : 9841986753
Free Commodity Tips : Join our Whatsapp No : 9094047040
Zinc on MCX settled up 1% at 175.95 amid expectations of stronger demand in top consumer China persuaded buyers to return to the market. The United States accounts for only about 8 percent of the roughly 22 million tonnes-per-year global market. China, on the other hand, is the world's top consumer of the metal. China’s zinc smelters are accepting record low fees to produce metal amid a shortage of ore, while winter mine closures are likely to force plants to cut output early next year, industry sources said. The International Lead and Zinc Study Group recently released preliminary data for zinc in 2016, which revealed the global market for the refined metal in deficit from January to October of this year. Total reported inventories also fell over the same period. Global zinc mine production dropped by 1.8% compared to the same 10 months in 2015 with the overall reduction attributed to drop-offs in Australia, Ireland, Peru and India. Of note were Bolivia, China and the Russian Federation which posted increases this year. Combined zinc inventories in Shanghai, Tianjin and Guangdong decreased 14,800 to 211,800 tonnes this past week. Inventories in Shanghai and Guangdong declined. Zinc prices in Shanghai traded 80-16 yuan per tonne above SHFE February zinc December 22, with the premiums expanding 60-70 yuan per tonne from a day earlier. Market inventories are low, and maintenance at zinc smelters also tightened supply. Zinc inventories in Shanghai, Guangdong and Tianjin fell from 450,000 tonnes early this year to 220,000 tonnes. nventories in Shanghai were 95,000 tonnes, the lowest from September 2008. Technically now Zinc is getting support at 172.6 and below same could see a test of 169.2 level, And resistance is
now likely to be seen at 178.3, a move above could see prices testing 180.6.
