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Zinc and Copper Latest Updates for 28 Dec 2016

Zinc and Copper Latest Updates for 28 Dec 2016

Zinc trading range for the day is 168.5-177.5.Zinc settled up reversing the previous day’s losses after speculators signaled an end to widespread profit taking spurred by recent meteoric run-ups. Chinas zinc smelters are accepting record low fees to produce metal amid a shortage of ore, while winter mine closures are likely to force plants to cut output. Technically market is under short covering as market has witnessed drop in open interest by -1.86% to settle at 4540.

Copper trading range for the day is 365.5-387.7.Copper gained as prices recovered on short covering after prices dropped in last some sessions on concerns about demand growth in China. According to the latest COT data, hedge funds and money managers slashed their net positions in copper futures for the first time in eight weeks. Trading volumes are expected to remain light due to New Year holiday and as many traders already closed books before the end of the year.

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