MCX Zinc Dropped due to strong Doller Index

MCX Zinc futures remained in dull mood on Wednesday morning after touching a new high at 115.60 in last trade. Zinc futures dropped due to high selling sentiment at Peak levels in global market. MCX zinc delivery contract dropped more than 2.80 percent and tested low at 111.95 per kilogram in morning session with total volumes of 20465. Profit booking at higher levels drove Zinc futures down; strong Dollar index also played vital role to keep prices under pressure for the day. 

Today released inventory at London Metal Exchange increased by more than 4800 tons which indicated a decreasing industrial demand in international market. 

Zinc futures soared with positive bias in earlier weeks as investors maintained interest in buying the metal at every day low in last few days. Zinc futures seemed to be in correction mode for now, but it is holding its tight grip at support levels at 110 for continued bull tone from every Bottom in near term

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Posted in: MCX Zinc Updates,Zinc News