AHMEDABAD (Commodity Online) : MCX Zinc traded with the range bound node and settled 0.01% flat at 98.45 as due to lacking direction with low volume. MCX Zinc touched down levels at 95.50 and till weekend it cover all losses on speculative short covering
In MCX, transactions were quiet on Monday due to year-end liquidity problems. Despite Friday's rally, technical factors suggest metal's momentum has turned bearish. Traded prices were not clear about further trend for base metal complex.
MCX Zinc delivery contract opened at 98.30 rupees compared to 98.45 rupees close of last week. Today marketing sentiments may turn choppy due to world market holiday. MCX Zinc will witness low volatility ahead of Low volume in metal complex. Zinc trading range is 98.1-98.9 for Monday, maintained Amrita Mashar, analyst with Commodity Online.
MCX Zinc may settle flat due to lacking direction but China's bank rate cut will support base metals price to trade higher in ongoing week.
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