Precious metal complex increased by 1 percent over the last week after the dovish Fed policy which stated to keep the interest rates steady in 2019 and guidance to stop reducing its balance sheet starting September 2019.
Base metal prices ended showing a mixed performance with Copper, Aluminium and Lead closing the week with 0.5 percent losses while Zinc and Nickel faced an upside of 1.9 percent and 0.6 percent respectively.
Energy complex closed the week on a mixed note with Nymex crude jumping another 2 percent from the last week while Nymex natural gas closed the week with 0.5 percent losses. Crude oil prices continued to trend higher after the surprise drawdown in inventory at a time when supply tightness is being created by the OPEC.
global event would be US-China trade deal.
We expect LME Zinc prices to remain supportive near USD 2750/oz and trade positive towards USD 2950-3000 per tonne in the coming quarter of 2019. Currently, the LME Zinc prices are trading at USD 2830 per tonne.
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Source: Moneycontrol
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