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Zinc Looks Firm For Medium Term

ByCommodityOnline
Published 01/30/2014, 05:52 AM
Updated 05/14/2017, 06:45 AM


Zinc was also no exception either as the commodity declined along with the other commodities in the yesterday's trading session down by 0.5%.

Broadly the zinc stocks have been declining since last two to three months. As per the latest data available at the LME designated warehouses zinc stocks declined by 73,800 MT during the last twenty trading sessions. However cancelled warrant for the commodity has declined from 546,600 MT to 277,525MT which is the lowest levels witnessed in the last two months. The positivism on the inv entory front is being negated by the cancelled warrant.

For the day we recommend selling zinc from the higher levels as the commodity might take negative cues from the weak Chinese manufacturing data which declined to a six month low. However we are positive on the commodity as decrease in Mined supply due to closure of major mines bodes well for the commodity over the medium term.

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