Investing.com - Financial Markets Worldwide

LME Zinc Closes Down 0.7%, On Negative Cues

ByCommodityOnline
Published 02/04/2014, 06:45 AM
Updated 05/14/2017, 06:45 AM


--Zinc marginally ended the y esterday's trading session lower by 0.7% at the LME platform broadly declining along with the other commodities taking negative cues from the weak manufacturing data from the US.

--Broadly the zinc stocks have been declining since last two months As per the latest data available at the LME designated warehouses zinc stocks declined by 83,375 MT during the last twenty five trading sessions. However cancelled warrant for the commodity has declined from 575,750 MT to 273,150MT which is the lowest levels witnessed in the last three months indicating lack of immediate requirement for the metal. The positivism on the inventory front is being negated by the cancelled warrant.

--For the day we continue with our selling view in zinc as the metal is taking negatives cues from the weak manufacturing data from US and China along with the declining cancelled warrants in the commodity.

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