MCX Zinc futures have given a technical sell signal after it broke through a multi-month supporting trendline (see chart below) MCX Zinc was been trading positively since past four months taking support of an upward sloping trend line (R) and horizontal resistance (R1). Recently price has breached trend line and given a breakdown at Rs.102 [...]
Zinc prices edged up by 0.35% to Rs 99.95 per kg in futures trade in line with firming trend overseas. At the Multi-Commodity Exchange, zinc for delivery in March traded higher by 35 paise, or 0.35%, to Rs 99.95 per kg, with a business turnover of 60 lots. February zinc inched up by 30 paise, [...]
Zinc supply surplus is expected to hit 539,000 tonnes in 2012, as per a report by Standard bank. This will be the highest level of supply excesses since 1993 and will prove to be a roadblock to any price advance from the metal. Benchmark LME zinc is currently trading just below $2100/tonne and has been [...]
Zinc futures fell by 0.29% to Rs 102.80 per kg today as speculators reduced their positions in tandem with weakness in base metals in global markets. At the Multi Commodity Exchange, zinc for delivery in March shed 30 paise, or 0.29%, to Rs 102.80 per kg, with a trade turnover of 95 lots. February zinc [...]
The largest glut of zinc in almost two decades is threatening to curtail a rally in prices as record production expands inventories to the highest since at least 1984. Supply will outpace demand by 539,000 metric tons, the most since 1993, according to Standard Bank Plc. Stockpiles of the metal used in brass and steel will reach [...]
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