SHORT SELLING HAMMERED ZINC AT MCX
DATE: 17/07/2012
Zinc for delivery in July 2012 dropped by 0.2% or Rs 0.4 at Rs 103.4 per
kg and tested an intraday high of Rs 103.35 per kg and low of Rs 103.4 per kg
on Tuesday, 17 July. Short selling with 3% rise in its open interest to 3710
lots hammered the metal. Zinc traded in range bound during July 2012 and was
finding strong support at Rs 103 per kg. The contract traded just below 9-day
EMA and RSI stood at 47.25.
At LME, Zinc surged by 1.5% at $1884 per tonne on Tuesday. Zinc snapped
earlier losses as the hopes on Federal Reserve to introduce stimulus measures
buoyed the sentiment. Also, the improvement in the US housing data also helped
the metal to end with huge gains.
MCX Zinc is likely to find support at Rs 102.8 per kg and Rs 102.4 per kg
and resistance at Rs 104.2 per kg to Rs 105 per kg on Wednesday, 18 July.
POWERED BY: MYIRIS NEWS
www.goldennifty.com
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