zinc intraday

MCX Zinc June drops to 79.85
13 June 2008 10:31:31



MCX Zinc June dropped to as low as 79.85 and closed at 80.25 with 2% loss from previous closing. Market registered days high near 82.55

Zinc will rise from 2010 as supply declines, Goldman Sachs Group Inc. analysts said. Prices will average $2,315 a metric ton in 2010 and $2,535 in 2011, from a revised $2,139 this year, London-based Peter Mallin-Jones wrote in a report dated yesterday.

LME Inventory decreased by 200 MT to 144550 MT.

MCX Zinc June - Technical Outlook:

The daily stochastics have crossed over down which is a bearish indication. The prices closed below short term and medium term EMA, which supports bears. MACD is heading downwards in positive region, showing decrease in bullish momentum.

Technical are neutral to bearish signalling sideways to lower prices in the near term. Initial support for the market is around 79.2 level. if broken can see further fall to 78.2 and 76.5 , If market holds above 80.9 further rally can be seen towards 81.9 and 83.6

Recommendations- MCX Zinc June: Sell at 81.50 Target 78 and 75 SL 82.45

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