Zinc Futures Steady Near $2,950; MCX Gains on Industrial Demand
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Zinc futures traded firm across LME ($2,956/mt), SHFE (¥22,310/mt), and MCX (₹283.65/kg) as low inventories and strong industrial demand supported prices. MCX contracts found key support near ₹281, with upside resistance at ₹285.5. Global sentiment stayed positive despite U.S. tariff concerns and a softer dollar.
Key Highlights
- Global Prices: LME zinc hovered near $2,950–2,975/mt; SHFE at ¥22,310/mt; MCX October settled ₹283.65/kg.
- Inventory Trends: LME stocks at 50,525 tonnes; China’s regional inventories around 160,600 mt.
- Market Drivers: Low global inventories and seasonal industrial demand buoyed sentiment.
- Technical Levels: Strong support at ₹281 and resistance near ₹285.5–287 on MCX.
Global Zinc Price Snapshot: LME, SHFE & MCX Futures
- LME: Zinc 3-month futures traded at US $2,956.65/mt, within an intraday range of $2,975.35–$2,944.85/mt. The day opened at $2,950.55/mt.
- SHFE: The most-traded SHFE zinc contract closed at ¥22,310/mt.
- MCX: On 15 September, MCX Zinc October futures settled at ₹283.65/kg, up 0.14%, supported by stronger industrial demand. Prices consistently attracted buyers near ₹282–284 levels.
Supply–Demand Dynamics: Inventory Levels and Regional Trends
- LME Stocks: Opening stock stood at 50,525 tonnes (latest available). Data on live and cancelled warrants was not available in the free feed.
- LME Activity: Futures traded steadily near $2,950–2,975/mt, supported by tighter inventories and currency weakness.
- SHFE Activity: Domestic zinc ingot inventories across China’s seven major regions were around 160,600 mt, indicating steady supply despite firm futures prices.
- MCX Activity: Indian futures edged higher, tracking overseas cues and stronger spot market demand.
Market News Highlights: Industrial Demand and Dollar Weakness
- Zinc Futures Steady: LME zinc held near $2,950/mt as traders monitored low inventories.
- MCX Futures Rise: Indian contracts gained on higher industrial demand.
- China Market Firm: SHFE zinc stabilized at ¥22,310/mt amid seasonal demand recovery.
- Global Outlook: Base metals were broadly supported by a weaker dollar, though U.S. tariff concerns limited further upside.
Technical Outlook: Key Support and Resistance Zones
Zinc prices are finding strong support at the ₹281.0 level, which is acting as a near-term floor. If this support fails, the next downside target could be around ₹279.0. On the higher side, resistance is observed near ₹285.5. A decisive breakout above this resistance zone may open the way for further gains, with prices potentially moving toward ₹287.0.
Zinc Ingots
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