SHORT SELLING HAMMERED ZINC AT MCX
DATE: 18/04/2012
Zinc tumbled by 0.8% or Rs 0.85 at Rs 102.95 per kg with its intraday high at Rs 103.6 per kg and low at Rs 102.7 per kg on Tuesday 17th April. Short selling with 11% rise in its open interest to 3413 lots and appreciation in rupee weighed down the metal.. Zinc traded above 9-day EMA and RSI stood at 50.5.
At LME, Zinc rose by 0.4% at $1995 per tonne on Tuesday. The improved risk appetite amidst the sanguine data from the Spain and Germany helped the metal to end with gains. However, the concerns over the Chinese economic growth citing its ease in the foreign direct investment monthly momentum curbed huge gains in the metal.
MCX Zinc is likely to find support at Rs 102.3 per kg and Rs 101.8 per kg and resistance at Rs 103.9 per kg to Rs 104.8 per kg on Wednesday, 18th April.
POWERED BY: COMMODITY INSIGHTS
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