Chart of the day: Zinc on bull run
Over the past six months, volume and open interest in Shanghai’s zinc futures contracts have increased steadily, which is perhaps not surprising as prices across the globe have rallied from depressed levels this year. They have already retraced half of the losses suffered in 2015, yet we feel they are likely to rally further. A measured target based on the height of this year’s triangle consolidation should take the contract through the 61 per cent Fibonacci retracement resistance at 15,275 yuan per tonne to 15,725 yuan. A bullish view is supported by the rising Ichimoku cloud. More importantly, prices are likely to move less, and a lot more slowly, than they did in the wild gyrations of 2008 and 2009.
From Nicole Elliot Technical analyst South China Morning Post
Interestingly Macquarie Bank concurs as Zinc to be the first recovery stock in base metals and Wood Mackenzie see the price at $3,500 US/t. All seem to agree that zinc is moving onwards and upwards.
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Chart of the day: Zinc on bull run Over the past six months,...
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Last
0.2¢ |
Change
0.001(33.3%) |
Mkt cap ! $9.392M |
Open | High | Low | Value | Volume |
0.2¢ | 0.2¢ | 0.2¢ | $800 | 400K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
51 | 115091129 | 0.1¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
0.2¢ | 27049683 | 20 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
51 | 115091129 | 0.001 |
0 | 0 | 0.000 |
0 | 0 | 0.000 |
0 | 0 | 0.000 |
0 | 0 | 0.000 |
Price($) | Vol. | No. |
---|---|---|
0.002 | 27049683 | 20 |
0.003 | 79959647 | 55 |
0.004 | 21783952 | 11 |
0.005 | 14481509 | 11 |
0.006 | 9705889 | 11 |
Last trade - 10.43am 29/08/2024 (20 minute delay) ? |
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