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Business News » India News

Markets today: Experts advise to wait for profit booking before taking any position in Zinc

Zinc futures on Wednesday edged around 1 per cent higher to Rs 177.40 per kg as speculators created positions, triggered by a firm trend in the domestic spot markets on industrial demand. 

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Markets today: Experts advise to wait for profit booking before taking any position in Zinc
Zinc futures on Wednesday edged around 1 per cent higher to Rs 177.40 per kg as speculators created positions. Image source: Reuters

Zinc futures on Wednesday edged around 1 per cent higher to Rs 177.40 per kg as speculators created positions, triggered by a firm trend in the domestic spot markets on industrial demand. But, expert opinion suggests that a trader can take a position only after some profit booking as the zinc futures are slightly bullish for the month of January, thanks to easing China-US trade war. Besides, a firm trend in the base metals pack in global markets supported the upside. At the Multi Commodity Exchange (MCX), zinc for delivery in the current month moved up by Rs 1.75, or 1 percent, to Rs 177.40 per kg, with a business turnover of 1,917 lots. Marketmen said widening of bets by participants, following improved demand in the domestic spot market and a better trend in base metals overseas, influenced zinc prices in futures trade.

However, experts are of the opinion that people should not jump onto Zinc because it has started showing some signs of recovery after remaining into the negative zone in all last three quarters and losing around 25 percent in 2018. Sugandha Sachdeva, Vice President at Religare Commodities said, "Outlook for zinc looks slightly positive for next one month as industrial demands have gone up these days but it won't last long as consumption in China would go down soon." 

The Religare Commodities Vice President advised investors to invest in zinc after some profit booking and take a buy position at around Rs 172 levels maintaining strict stop loss at Rs 169 and book profits when it reaches in the range of Rs 180 to Rs 184. Revealing the reason for not taking any quick position in zinc Sachdeva added, "Globally demand for zinc is not clear after one month and China may curtail its zinc consumption in next month. So, it's better to wait for some profit booking and then only take any position in zinc. it would help traders maximise their profit with minimum risk factor being applicable to them."
 

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TAGS:
Zinc futurescommodity bourse NCDEX
Written By: Asit Manohar
Updated: Wed, Jan 09, 2019
04:41 pm
ZeeBiz WebDesk

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