MCX Zinc Price Today: Zinc prices eased by 0.12%, closing at ₹280.55 as investors took profits following a recent rally fueled by stimulus efforts in China. Despite China’s central bank planning to direct banks to reduce mortgage rates by October 31 to aid the struggling property market, weak manufacturing data dampened market sentiment.
The Caixin China General Manufacturing PMI fell to 49.3 in September, marking the lowest level since July 2023. Additionally, new orders reached a two-year low, and foreign sales saw the sharpest decline in 13 months due to sluggish global demand.
On the supply front, the International Lead and Zinc Study Group (ILZSG) adjusted its global refined zinc market forecast, now expecting a deficit of 164,000 metric tons in 2024. This is attribute to reduce production in Europe, especially in Ireland and Portugal.
“China, Canada, South Africa, and the U.S. are expect to see further output declines, though increases in Australia, Mexico, and Congo may help balance the shortfall. Overall, the global production of refined zinc is expect to decrease by 1.8% to 13.67 million tons in 2024.”
From a technical standpoint, fresh selling pressure increased open interest by 3.28%, reaching 3,278 contracts. Zinc prices dipped by ₹0.35, with support currently at ₹278.7. If downward pressure persists, prices may test ₹276.8. On the other hand, resistance is set at ₹283.6, and a breakout above this level could push prices towards ₹286.6, suggesting a mixed near-term outlook for zinc.
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