ZINC: - CONSOLIDATE STRATEGY BUY ON DIP R2-125 R1-123 S1-120 S2-118
Zinc futures slumped in the domestic market on Friday as investors and speculators exited positions in the industrial metal amid weak physical demand for zinc in the domestic spot market. An unexpected dip in consumer confidence in the US signaled a faltering recovery in the world’s biggest economy, dimming the demand outlook for industrial metals. US consumer confidence fell in May, Thomson Reuters said. A slowdown in China’s inbound FDI singled a cooling recovery in the world’s biggest metals consumer, weighing on sentiment. Zinc futures may rise today as China vowed to fasten the pace of financial reforms, raising hopes of a growth rebound, lifting the demand outlook for industrial metals.
At the MCX, Zinc futures for May 2014 contract closed at Rs. 121.20 per 1 kg, down by 1.02 per cent, after opening at Rs. 122.05, against the previous closing price of Rs. 122.45. It touched an intra-day low of Rs 120.45.
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