Zinc on MCX settled up 0.84% at 204.90 supported by upbeat China manufacturing data. Prices also seen supported after the report that the global zinc market deficit widened to 36,900 tonnes in October from a revised deficit of 35,900 tonnes in September, data from the International Lead and Zinc Study Group (ILZSG) showed on Wednesday.
In the first nine months of the year, the zinc market deficit was 401,000 tonnes compared with a deficit of 195,000 tonnes in the same period last year. ILZSG said total refined zinc stocks, including those held by consumers, producers and in exchange warehouses, rose to 1,093,400 tonnes at the end of October from 1,086,700 tonnes at the end of September.
Trading Ideas:
*Zinc trading range for the day is 201.2-207.
*Zinc prices gained supported by upbeat China manufacturing data.
*The global zinc market deficit widened to 36,900 tonnes in October.
*Next year’s zinc production would be roughly steady at just over one million tonnes, although it will start to ramp up some capacity.
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