Friday, 9 October 2015

Zinc trading range for the day is 107-110.8

Zinc settled down -1.32% at 108.50 slid on Thursday, pressured by fund selling as worries about slowing demand growth in China outweighed falling stocks and output cuts. 
The impact of the Chinese economic slowdown was highlighted on Thursday by data showing that German exports for August marked their sharpest decline since the height of the global financial crisis. While today may see a gap up opening as Commodities giant Glencore said on Friday (Oct 9) it will cut 500,000 tonnes of zinc production, or around 4 per cent of global supply, in its latest move to withstand weak commodities prices.
Trading Ideas:
Zinc trading range for the day is 107-110.8.
Zinc dropped as market continues to disappoint currently as deficit fails to materialise again despite mine closures.
The impact of the Chinese economic slowdown was highlighted by data showing that German exports for August marked their sharpest decline.
Zinc daily stocks at Shanghai exchange came up by 275 tonnes.


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1 comment:

  1. Zinc dropped on global growth worries and amid a Chinese clampdown on commodity futures trading as estimated by Epic Research. We have a qualified team for market recommendation.

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