Zinc Prices Soft Amid Weak Demand, LME Fluctuates at Lows
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Zinc futures traded range-bound on 24 Sep. LME prices closed at $2,889.4/mt after touching $2,904.5/mt, while MCX October futures eased 0.05% to ₹281.70/kg on subdued demand. Mixed global sentiment, steady LME stocks near 50,525 t, and supply-risk monitoring kept the market cautious.
Key Highlights
- Stable LME Performance: Intraday range $2,852–2,905/mt; closing near $2,889/mt.
- MCX Slight Dip: October futures slipped to ₹281.70/kg amid weaker local demand.
- Mixed Global Cues: Weaker dollar lent support, but U.S. tariff concerns limited upside.
- Technical Levels: Support at ₹280 and ₹278; resistance at ₹284, breakout target ₹286.5.
Price Action on LME and MCX Reflects Cautious Trading
- LME: On 24 Sep, LME zinc futures opened at $2,902.5/mt, reached a high of $2,904.5/mt, a low of $2,852.0/mt, and closed near $2,889.4/mt.
- MCX: On 24 Sep, MCX Zinc October futures traded at ₹281.70/kg, down 0.05%, with volumes around 2,668 lots.
Supply & Demand: Steady LME Stocks and Mild Local Weakness
- LME Stocks: Opening stock reported at ~50,525 tonnes (latest available public figure).
- LME Market Activity: Prices fluctuated at the lower range (~$2,850–2,905/mt), awaiting macroeconomic guidance.
- MCX Market Activity: MCX prices softened slightly, reflecting weaker near-term demand despite overseas fluctuations.
Global Market Drivers: Dollar Moves and Tariff Concerns
- LME Zinc Fluctuated at Lows: Market awaits macroeconomic cues.
- MCX Zinc Futures Fell Slightly: Contracts edged lower on weak demand.
- Global Sentiment Mixed: A weaker dollar provided some support, but U.S. tariff concerns capped gains.
- Traders Eye Supply Risks: Ongoing attention to warehouse withdrawals and overseas smelter output.
Technical Outlook: Key Support and Resistance Levels for Traders
Zinc finds support at ₹280.0, with further downside to ₹278.0, while resistance stands at ₹284.0. A breakout above resistance could push prices toward ₹286.5.
Zinc Ingots
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