Hindustan Zinc

Zinc dropped but Trims Losses Amid Tariff Relief and Smelter Cuts * MCX Zinc opened at ₹253.70, hit ₹254.45 high, and fell to ₹251.10. * Zinc rebounded after hitting a one-year low of ₹243.90 on April 9. * LME zinc dropped 0.9% overnight amid mixed global cues and tariff uncertainty. * Nyrstar cuts smelter output by 25% due to unviable treatment charges. * Social inventory in China rose by 3,500 MT since April 10, pressuring prices. MCX Zinc futures trimmed earlier losses, opening at ₹253.70 and climbing to ₹254.45 before retreating to ₹251.10. The contract closed at ₹252.40, down by 0.86%, yet well above its one-year low of ₹243.90 hit on April 9. This partial recovery mirrored a broader base metal rebound following the U.S. decision to temporarily pause tariffs on electronics and computers, easing market jitters. However, upside remained capped as new tariff warnings on copper and semiconductors dampened sentiment. Meanwhile, global zinc fundamentals added to the cautious tone. Nyrstar, a major Australian smelter, announced a 25% output cut due to a fall in treatment charges. Despite Chinese refined zinc output falling 7% last year, inventories rose by 3,500 MT in a week, signaling weak domestic demand. Technically, MCX Zinc faces resistance near ₹254-256, while global macro factors and rising inventories may continue to limit gains.