Zinc settled down -1.33% at 122.25 after weaker-than-expected growth figures out of the US dented prospects for demand from the nation.
The Department of Labor reported earlier that the number of individuals filing for initial jobless benefits last week rose by 14,000 to 344,000 from the previous week’s upwardly revised total of 330,000. Offsetting the disappointing jobless claims figures, the Commerce Department reported earlier that U.S. personal spending rose 0.9% in March from an upwardly revised 0.5% the previous month, beating expectations of 0.6%.
Despite the sharp slowdown in growth the Federal Reserve said Wednesday it would reduce its monthly bond purchases to $45 billion from $55 billion, as even though growth was nearly flat in the first quarter, the economy has been showing signs of gaining steam in recent weeks.
In the euro zone, despite higher consumer confidence index, economic confidence index dropped to 102 in April, its first decline in a year. Germany’s CPI rose 1.3% in April, below the 1.4% forecast.
In the US, the Case-Shiller’s 20-city home price index advanced 12.9% YoY in February, the lowest growth since last August and falling short of the 13% expectation. UK’s GDP grew 3.1% in the first quarter, its biggest rise since Q4 2007, but was slightly lower than the 3.2% rise economists had expected.
Technically market is under fresh selling as market has witnessed gain in open interest by 3.69% to settled at 1572 while prices down -1.65 rupee, now Zinc is getting support at 121.7 and below same could see a test of 121.1 level, and resistance is now likely to be seen at 123, a move above could see prices testing 123.7.
Trading Ideas:
--Zinc trading range for the day is 121.1-123.7.
--Zinc dropped after weaker-than-expected growth figures out of the US dented prospects for demand from the nation.
--The Commerce Department reported that U.S. personal spending rose 0.9% in March from an upwardly revised 0.5% the previous month
--Technically market is under fresh selling as market has witnessed gain in open interest by 3.69% to settled at 1572.
www.punjiniveshonline.com
www.punjiniveshonline.com
The Department of Labor reported earlier that the number of individuals filing for initial jobless benefits last week rose by 14,000 to 344,000 from the previous week’s upwardly revised total of 330,000. Offsetting the disappointing jobless claims figures, the Commerce Department reported earlier that U.S. personal spending rose 0.9% in March from an upwardly revised 0.5% the previous month, beating expectations of 0.6%.
Despite the sharp slowdown in growth the Federal Reserve said Wednesday it would reduce its monthly bond purchases to $45 billion from $55 billion, as even though growth was nearly flat in the first quarter, the economy has been showing signs of gaining steam in recent weeks.
In the euro zone, despite higher consumer confidence index, economic confidence index dropped to 102 in April, its first decline in a year. Germany’s CPI rose 1.3% in April, below the 1.4% forecast.
In the US, the Case-Shiller’s 20-city home price index advanced 12.9% YoY in February, the lowest growth since last August and falling short of the 13% expectation. UK’s GDP grew 3.1% in the first quarter, its biggest rise since Q4 2007, but was slightly lower than the 3.2% rise economists had expected.
Technically market is under fresh selling as market has witnessed gain in open interest by 3.69% to settled at 1572 while prices down -1.65 rupee, now Zinc is getting support at 121.7 and below same could see a test of 121.1 level, and resistance is now likely to be seen at 123, a move above could see prices testing 123.7.
Trading Ideas:
--Zinc trading range for the day is 121.1-123.7.
--Zinc dropped after weaker-than-expected growth figures out of the US dented prospects for demand from the nation.
--The Commerce Department reported that U.S. personal spending rose 0.9% in March from an upwardly revised 0.5% the previous month
--Technically market is under fresh selling as market has witnessed gain in open interest by 3.69% to settled at 1572.
www.punjiniveshonline.com
www.punjiniveshonline.com
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