Zinc on MCX settled up 1.51% at 188.05, supported by lower domestic inventories of refined zinc. Social inventories of refined zinc across Shanghai, Tianjin and Guangdong decreased over the weekend, as downstream consumers ramped up purchases after prices of futures tumbled. Data showed that the stocks declined 6,300 mt from Friday August 9 and 3,500 mt from Monday August 5 to stand at 142,400 mt as of Monday August 12. Respective stocks in the three regions all fell over the weekend. China's new yuan-denominated loans stood at 1.06 trillion yuan in July, 397.5 billion yuan less than the same period last year, central bank data showed. The M2, a broad measure of money supply that covers cash in circulation and all deposits, rose 8.1% year on year to 191.94 trillion yuan at the end of July, according to the People's Bank of China (PBOC), the central bank. The M2 growth was 0.4 percentage points slower than the level at the end of June and at the same period last year. Newly-added social financing, a measurement of funds that individuals and non-financial firms get from the financial system, stood at 1.01 trillion yuan in July, compared with 2.26 trillion yuan in June. By the end of July, China's total outstanding social financing rose 10.7% year on year to 214.13 trillion yuan. Technically market is under short covering as market has witnessed drop in open interest by -7.3% to settled at 3033 while prices up 2.8 rupees, now Zinc is getting support at 185.1 and below same could see a test of 182.1 level, and resistance is now likely to be seen at 189.9, a move above could see prices testing 191.7.
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