ZINC
SNAPPED EARLIER SESSION LOSSES AND EDGED UP AT MCX
DATE: 06/06/2012
Zinc for delivery in
June 2012 snapped earlier session losses and edged up by 0.14% or R 0.15 at R 104.35 per kg
and tested an intraday high at R 104.9 per kg and
low at R 104.15 per kg on Tuesday, 5th June. The
open interest added by 2.9% to 3496 lots and the contract traded below 9-day
EMA with its RSI at 37.9. A gravestone doji was found in Zinc which indicates a
bearish signal in the metal and it is likely to find support at R 103.9 per kg and R 103.5
per kg and resistance at R 104.7 per kg and R 105.3 per kg on Wednesday, 6th June.
Zinc edged up favored
by physical tightness in the market coupled with the improvement in the US
service sector released yesterday. But, the concerns on the Spain and euro zone
finance ministers no immediate steps to assuage fears about Europe's debt
crisis curbed hue gains in the metal.
POWERED BY: COMMODITY
INSIGHTS
www.goldennifty.com
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