MCX ZINC NEWS : 12.01.2017
Zinc on MCX settled down -0.84% at 183.60 dropped from the day's high tracking price movement from LME Three-month zinc which settled flat at $2,720 a tonne after touching its highest level in nearly a month in the more active London session. Zinc held its gains on the back of news that processing fees for China's zinc smelters hit record lows last month as supply from mines continued to dwindle. While sentiments still remain firm for zinc as prices also maintained a firmer tone, supported by supply concerns. Zinc fell after the previous day's rally, though it remained supported by broader supply concerns. Processing fees for China's zinc smelters reached record lows last month as the supply from mines continued to dwindle. Yesterday prices where under pressure after U.S. President-elect Donald Trump gave little guidance on new infrastructure spending at a press conference in New York, disappointing some who had hoped for a clearer view on policy. The metal, used in construction, surged more than 10 percent in the month following Trump's election to the U.S. presidency on Nov. 8, as his pledge to boost spending unleashed a wave of investment in industrial commodities. In his first formal news conference since July, Trump blasted two news organizations for reporting unsubstantiated claims about his ties to Moscow, but praised other reporters for holding back. The dollar and equities both lost ground after his initial remarks, before recovering some poise as the news conference went on. Technically market is getting support at 181.6 and below same could see a test of 179.7 level, And resistance is now likely to be seen at 186.2, a move above could see prices testing 188.9.
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Zinc on MCX settled down -0.84% at 183.60 dropped from the day's high tracking price movement from LME Three-month zinc which settled flat at $2,720 a tonne after touching its highest level in nearly a month in the more active London session. Zinc held its gains on the back of news that processing fees for China's zinc smelters hit record lows last month as supply from mines continued to dwindle. While sentiments still remain firm for zinc as prices also maintained a firmer tone, supported by supply concerns. Zinc fell after the previous day's rally, though it remained supported by broader supply concerns. Processing fees for China's zinc smelters reached record lows last month as the supply from mines continued to dwindle. Yesterday prices where under pressure after U.S. President-elect Donald Trump gave little guidance on new infrastructure spending at a press conference in New York, disappointing some who had hoped for a clearer view on policy. The metal, used in construction, surged more than 10 percent in the month following Trump's election to the U.S. presidency on Nov. 8, as his pledge to boost spending unleashed a wave of investment in industrial commodities. In his first formal news conference since July, Trump blasted two news organizations for reporting unsubstantiated claims about his ties to Moscow, but praised other reporters for holding back. The dollar and equities both lost ground after his initial remarks, before recovering some poise as the news conference went on. Technically market is getting support at 181.6 and below same could see a test of 179.7 level, And resistance is now likely to be seen at 186.2, a move above could see prices testing 188.9.
