Zinc Prices Across LME, SHFE and MCX Edge Up
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Zinc prices saw a modest increase, with LME closing 0.63% up and SHFE closing 0.55% up. MCX zinc ended at Rs 266.65/kg, up 0.43%. Trading volumes decreased on both LME and SHFE, while LME zinc recorded a bullish candlestick pattern. Market sentiment is influenced by weak US manufacturing data.
Zinc Price
- LME: As of yesterday, LME zinc opened at $2,873.5/ton, hitting a high of $2,894.5/ton, and low of $2,833.5/ton, closing at $2,885/ton, an increase of $18/ton or 0.63%. Today, LME Zinc trading commenced at $2,890/ton.
- SHFE: As of yesterday, the most-traded SHFE zinc 2411 contract opened at 23,600 yuan/ton, hitting a high of 23,725 yuan/ton, low of 23,575 yuan/ton, closing at 23,610 yuan/ton, an increase of 130 yuan/ton or 0.55%. Today, SHFE Zinc trading commenced at 23,955 yuan/ton.
- MCX: As of yesterday, Zinc prices opened at Rs 265.50/kg, reached the highest level of Rs 267.35/kg, the lowest level at Rs 262.65/kg and finally closed down at Rs 266.65/kg, an increase of Rs 1.15 or 0.43%. Today, MCX Zinc trading commenced at Rs 267.55/kg.
Zinc Supply & Demand
- LME Opening Stock - 258050 | Live Warrants - 231800 | Cancelled Warrants - 26250
- LME: Trading volume decreased to 74,378 lots, and open interest decreased by 2,038 lots to 238,000 lots. Overnight, LME zinc recorded a long lower shadow bullish candlestick, with resistance from the 5-day moving average above and support from the 40/60-day moving averages below. LME social inventory increased by 1,900 ton to 258,050 ton, a rise of 0.74%.
- SHFE: Trading volume decreased to 59,156 lots, and open interest increased by 5,889 lots to 107,000 lots. Overnight, SHFE zinc recorded a long upper shadow bullish candlestick, with resistance from the 5-day moving average above and support from the 10/20-day moving averages below. Currently, domestic inventory increases slightly, but demand remains weak. Coupled with the US September S&P Global Manufacturing PMI being lower-than-expected, SHFE zinc is expected to continue fluctuating today.
Zinc News
- The US September S&P Global Manufacturing PMI preliminary value fell to 47, which is below the expected 48.5 and the lowest level in 15 months. Meanwhile, US Federal Reserve officials indicated that more rate cuts might be needed in the coming year.
- The government is conducting roadshows from Mumbai to New York to gauge investor sentiment. It earlier said that it is committed to offloading its stake in the Vedanta Group firm through an offer for sale (OFS) and will take the decision on the disinvestment after testing the market.
- Approximately 80 client companies of Korea Zinc Co. expressed concerns on Monday regarding a potential hostile takeover of the South Korean non-ferrous metal smelting company by MBK Partners, a private equity firm, and Young Poong Co., Korea Zinc’s largest shareholder.
Expert Opinion
- In experts’ opinion, the MCX Zinc market is expected to show a stable trend. Zinc finds support at Rs 262.75, and a break below could lead to a test of Rs 261. On the upside, resistance is seen at Rs 272.05, and a move above that level could push prices towards Rs 277.60.
Daily Market Report
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