Shanghai Zinc futures recovered sharply upwards on Thursday and settled at 14690 yuan per tonne up 135 yuan per tonne. The recovery in counter last night on LME paved way for gains in metals after the Chinese markets opened.
It is to be noted that the Shanghai Zinc is trading above LME Zinc prices. LME Zinc three month delivery was trading at $ 1914 per tonne on Thursday, up $ 14 per tonne. Inventories of Zinc in LME have declined by 11 percent to 1086550 tonnes.
Zinc futures on MCX were trading at Rs 102.2 per kg, up 0.05 percent. The prices are resisted at Rs 102.75 per kg. Support for the contract is at Rs 101.3 per kg.
Zinc was in surplus of 290000 tonnes in whole of 2012, as per estimates of WBMS. On a cumulative basis, Zinc markets recorded a surplus of 138700 tonnes in January-February 2013 compared to a surplus of 139500 tonnes in the corresponding period last year.
Source by Commodity Insights
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