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MCX Zinc may trade in a range between 196.6-203.2
Commodity Online | October 19 2018
UPDATED 13:21:17 IST

MCX Silver may trade in a range between 36257-37017

Gold market under fresh selling; Support seen at 30715

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MCX Cotton under fresh buying; Resistance seen at 22380

MCX Cardamom under fresh buying; Support seen 1493.5

Zinc on MCX settled up 0.53% at 200.35 as support seen from fresh buying tracking LME zinc which was the only metal to end in positive territory, closing up 0.7 per cent at $US2,683.50 a tonne bucked the trend with gains on the back of tightened inventory levels.

Zinc continued to outperform the other base metals during morning trading the London Metal Exchange Thursday October 18 following a large cancellation at LME-listed warehouses.

The three-month zinc price peaked at $2,687 per tonne this morning, its highest since the start of October, after more than 31,000 tonnes of the metal were freshly cancelled, mostly at sheds in Antwerp. The cancellation and a 5,700-tonne fall in stocks there means that just 1,275 tonnes of zinc are now available in Antwerp.

A consistent drawdown of LME inventory has deepened zinc’s backwardation, with the cash/three-month spread now at $45.50 per tonne. Last night the US dollar index traded at a week-high on Thursday as US Treasury yields traded near multiyear highs, after minutes from the Fed's September meeting showed that Fed policymakers remained largely united on further raising interest rates.

That came despite US President Donald Trump's view that interest rate hikes have already gone too far. Chinese GDP grew 6.5% year on year in the third quarter of 2018. While the US would release its existing home sales numbers for September.

Trading Ideas:
--Zinc trading range for the day is 196.6-203.2.
--Zinc gained as prices received some support from shrinking LME inventories.
--Chinese exporters are mostly confident they can weather a trade war with US, but worry about collateral damage it might cause throughout the global economy.
--Production cutbacks at China's zinc smelters in response to tighter environmental checks and weaker profits have tightened supply.

Courtesy: Kedia Commodities

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