Zinc yesterday traded with the negative node and settled -0.29% down at 103.85 tracking LME Zinc prices remained high during Asian trading hours yesterday, with prices even hitting USD 2,166/mt.
No results were achieved in Greek debt restructuring talks last night, and investors continued to lock in recent gains.
The mounting market fears caused LME zinc prices to close down at USD 2,134/mt, down USD 3/mt. The deadlocked Greek debt restructuring talks triggered market fears.
Base metal prices were largely weighed by renewed concern over the Greek debt crisis.
The debt talk between Greek government and its creditors was postponed from February 5th to 8th. In addition, the deadline for second round Greek bailout negotiation between IMF and Greek government will be postponed to from February 6th to 7th, as Greece still doesn't accept conditions.
The stagnant Greek debt talk triggered investors’ renewed concern over the European debt crisis, weighing on most LME base metals and European and the US equity markets.
For today's session market is looking to take support at 103.3, a break below could see a test of 102.7 and where as resistance is now likely to be seen at 104.9, a move above could see prices testing 106.
Zinc trading range for the day is 102.68-105.98.
Zinc dropped as cautiousness seen in markets as Greeks vote over their austerity plan.
A rebound in worries towards Greek defaults weighed on the euro and induced losses in commodities.
Greek leaders will hold a meeting to discuss reform measure proposed by IMF, which will arouse investors’ close attention.
Warehouse stock for Zinc at LME was at 838700mt that is down by -1000mt.
Courtesy: Kedia Commodities
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