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Zinc on MCX settled up 0.89% at 210.75

Posted on Nov 07, 2017 by kc_admin

Zinc on MCX settled up 0.89% at 210.75 on fresh buying as support seen from LME Zinc which closed up 0.4 percent at $3232 boosted by expectations that a pollution crackdown in China and signs of solid global economic growth. Support also seen after the China’s authorities came into action and seized over 1,400 tonnes of imported zinc waste recently, state media China News Service reported on Sunday, its biggest seizure to date after launching a campaign against foreign waste harmful to the environment in March Xiamen Customs and Xiamen Inspection and Quarantine Bureau detected the problem when they conducted checks on a local export and import company’s declaration to import 1,415.5 tonnes of zinc in 51 containers in August, China News Service said. In July, China notified the WTO that it would stop accepting shipments of rubbish such as waste plastic and paper as part of a campaign against “foreign garbage” as Beijing steps up efforts to improve its environmental conditions. Also China’s top legislator said in a report to parliament on Wednesday the country needs to improve law enforcement and make polluters pay to treat billions of tonnes of rural, industrial and household waste. In the week ahead, investors will continue to monitor the progress of the U.S. tax reform bill in what will be relatively quiet week for economic data. China is to release data on trade and inflation while monetary policy announcements from the Reserve Bank of Australia and the Reserve Bank of New Zealand are also be on the agenda. Technically now Zinc is getting support at 209.8 and below same could see a test of 208.8 level, And resistance is now likely to be seen at 212, a move above could see prices testing 213.2.

Trading Ideas:

#             Zinc trading range for the day is 208.8-213.2.

#             Zinc prices gained boosted by a pollution crackdown in China and global economic strength.

#             Officials in China’s Xiamen seized over 1,400 tonnes of imported zinc waste recently, after launching a campaign against foreign waste harmful to the environment in March.

#             German industrial orders rose unexpectedly in September, data showed, suggesting Europe’s biggest economy ended the third quarter on a solid footing