LME, MCX Zinc: No End To Bullish Trend

Published 11/30/2012, 06:27 AM

The one-month charts of LME three-month Zinc futures and December Zinc at India’s Multi Commodity Exchange (MCX) is showing a similar uptrend but LME has shown a much sharper uptrend than MCX.
MCX And LME Zinc Prices
LME warehouse stocks has witnessed a fall of 2450 tons and MCX open interest, trade volumes are healthy giving firmness to uptrend in prices.
LME Zinc: Three Month Chart
The trend validates my earlier outlook two weeks back that LME, MCX Zinc is witnessing a W-V shaped recovery. But don’t expect the rally to go in MCX and LME. At MCX there is resistance seen at Rs 112 -114 levels and in LME broader support is seen at 1850 and resistance at 2040, 2050 levels.

By Sreekumar Raghavan

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