Zinc MCX Intraday Tips
Zinc is a chemical element with the symbol Zn and atomic number 30. Zinc is a slightly brittle metal at room temperature and has a blue-silvery appearance when oxidation is removed. It is the first element in group 12 of the periodic table.
It is worthwhile to mention here that the RBI announcement came on 06 Aug 2020 that banks can lend up to 90% of the gold loan portfolio. It is surprising that loan to value ratio for gold loans from 75 percent to 90 percent has been increased leading to likely default on the gold loans as gold is ruling at 52 weeks high.
Most zinc is used to galvanise other metals, such as iron, to prevent rusting. ... Zinc oxide is widely used in the manufacture of very many products such as paints, rubber, cosmetics, pharmaceuticals, plastics, inks, soaps, batteries, textiles, and electrical equipment.
Zinc has been in a bullish trend since the time it has broken past the key resistance level which was 178. If the Zinc can sustain above 187 level, we see the commodity doing well and can head for 200 level where another bout of profit booking can be experienced. You must exit all long positions if ZInc breaks 183 level as thereafter it can head towards 180, 178 level.
However as advice, one can short Zinc as and when it falls below 187 for tgt 185,183 and close above 190 is a clear signal that Zinc is heading towards 200 marks. One immediate resistance will be seen at 193 level which will determine the likely course of the action.
You can get daily Zinc MCX tips here and make money with an expert team that has been in business for decades and helping traders make money in the intraday commodity market.
The lot sizes of the Zinc being traded at MCX are as given below:
ZINC 5 Tons (5000 kilograms) 5000
ZINCMINI 1 Ton (1000 kilograms) 1000
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