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LME Zinc Prices Are Seen Trading At $1975, Buying Recommended

ByCommodityOnline
Published 03/19/2014, 04:23 AM
Updated 05/14/2017, 06:45 AM




On Tuesday, 3 month forward LME zinc prices settled marginally higher at $1979 up by $13 from its previous close. We believe Zinc turned positive during the US session last day after the housing number turned positive. At the MCX platform it also rebounded and ended the March future at Rs. 120.75. Looking at the LME inventory, stocks declined by -3475K which also supported the commodity to trade higher.

This morning at LME Zinc prices are seen trading at $197 5 no major change from the previous close. We believe prices may see a smart recovery today as it is trading near the oversold phase and likely that the stocks may decline further on today’s trading session. In fact the P-V-OI analysis also suggests that the market may have the potential to move up a tad. Hence, for the day we recommend buying the commodity for a minimal target.

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