Chart of the day - ZINC (12.04.2021)

8:29 AM 12 April 2021

Industrial metals trade under pressure today - COPPER drops 1.4%, NICKEL declines 3% while ZINC is trading over 4% lower. The move comes after comments from Chinese Premier Li Keqiang. Politicians said that the recent surge in raw commodity prices is hurting business and China will look to bolster market regulation in order to better control prices. Liu He, Vice-Premier of China, made a similar call for more control over raw commodity prices last week. China is the world's biggest consumer of industrial metals.

ZINC opened with a big bearish price gap today, highlighting the reaction to comments from Chinese politicians on a need to control industrial metal prices. Price pulled back from recent post-pandemic highs and dropped below the upper limit of a recent short-term trading range (2,850). The near-term support to watch can be found at around 2,720, where the lower limit of the range and the upward trendline can be found. If this is not enough to hold bears, attention may shift to key support at 2,565 - the lower limit of the Overbalance structure and the 200-session moving average.

Source: xStation5

Share:
Back

Join over 1 600 000 XTB Group Clients from around the world

The financial instruments we offer, especially CFDs, can be highly risky. Fractional Shares (FS) is an acquired from XTB fiduciary right to fractional parts of stocks and ETFs. FS are not a separate financial instrument. The limited corporate rights are associated with FS.
This page was not created for investors residing in Brazil. This brokerage is not authorized by the Comissão de Valores Mobiliários (CVM) or the Brazilian Central Bank (BCB). The content of this page should not be characterized as an investment offer in Brazil or for investors residing in that country.
Losses can exceed deposits