SHORT COVERING FAVORED ZINC AT MCX
Date: 11/04/2012
Zinc was the only metal that ended in positive territory, up by 0.2% or Rs 0.2 at Rs 102.6 per kg with its intraday high at Rs 103.35 per kg and low at Rs 101.9 per kg on Tuesday 10th April. Bargain hunting with an 8.3% rise in its open interest to 3118 lots and depreciation in Rupee solaced the metal to end with modest gains. Zinc stood just below 9-day EMA and RSI stood at 48.89.
At LME, Zinc was near to the 2-week highs having surged by 1.1% to $2004 per tonne on Tuesday. Short covering favored the metal shrugging off the gloomy environment in the global markets.
MCX Zinc is likely to find support at Rs 101.3 per kg and Rs 101.7 per kg and resistance at Rs 103 per kg to Rs 103.5 per kg on Wednesday, 11th April.
Powered by Commodity Insights
No comments:
Post a Comment