Mcx Zinc Market Update News By Ripples Advisory

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Zinc on MCX settled up 1.51% at 147.75 recouping from Wednesday’s losses supported by a weaker dollar after the US Federal Reserve statement last night. The US Federal Reserve decided to leave the Federal Funds rate unchanged but said “near-term risks to the economic outlook have diminished”. 

 

Zinc, used to rustproof steel, has surged more than 50 percent from its January low as production cuts at Glencore Plc’s mines and closures at MMG’s Century and Vedanta Resources Plc’s Lisheen operations reduced supplies. 

 

Goldman Sachs Group Inc. forecasts a widening global shortage with prices rising to $2,500 a metric ton in six months, compared with $2,185 on Thursday. Goldman says the global shortage will expand to 360,000 tons in 2017 from 114,000 tons this year. The metal is the best performer on the LME in 2016 as stores in warehouses monitored by the bourse have fallen about 30 % from a September peak. 

 

Trading Ideas 

 

Zinc trading range for the day is 144.7-149.5. 

 

Goldman says the global Zinc shortage will expand to 360,000 tons in 2017 from 114,000 tons this year. 

 

Chinese-owned MMG Ltd. is seeking new zinc mines in Peru, after a dearth of global exploration in past decades led to an output crunch.

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