India, Sept. 16 -- Technically Zinc market is under short covering as market has witnessed drop in open interest by 6. 1% to settled at 2247 while prices up 2.05 rupees.
Now MCX Zinc is getting support at 192.6 and below same could see a test of 190.7 levels and resistance is now likely to be seen at 196.3 a move above could see prices testing 198.1.
Zinc yesterday settled up by 1.07% at 194.3 buoyed by signs of accelerating industrial demand in China the world's biggest consumer of metals. Weaker US dollar and positive news about a COVID-19 vaccine boosted market sentiment.
Although arrivals of imported zinc increased and smelters stepped up production zinc social inventories continued to shrink as downstream users restocked actively in...