Mumbai, 4 April (CommoditiesControl):
London base metal prices, including zinc, surged on Thursday, buoyed by hopes of global rate cuts and a weaker dollar.
Three-month zinc on the London Metal Exchange (LME) climbed 0.9% to $9,344 per metric ton.
The dollar's decline, coupled with anticipation surrounding U.S. labor data and the Federal Reserve's interest rate outlook, contributed to the price surge. Additionally, expectations of relaxed monetary policy in Europe following Euro zone inflation data further bolstered base metal prices.
China's stronger-than-expected manufacturing data and output cut plans by Chinese smelters amid raw material shortages have also fueled optimism.
In the broader context, LME aluminium, nickel, lead, and tin also saw gains, reflecting positive sentiment across base metals.
Meanwhile, on the MCX, zinc is up by (+1.47%), currently trading at 228.15. If the uptrend continues, the next target is 230, with support levels at 220.40-216.
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