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Commodity shares drive Euro Stoxx 600 higher

FXStreet (Mumbai) - The pan-European Euro Stoxx 600 index advanced on Friday largely due to gains in the commodity shares across European bourses.

At the time of writing, the index was up 0.74% higher at 364.29 levels. Shares in UK’s Glencore advanced 11.44% after the mining giant announced a cut in the Zinc production. This also resulted in a 10% rise in Zinc prices.

Other major gainers include names like Petrofac, Vallourec, Tullow Oil, Arcelor Mittal and Greece’s Alpha Bank. Meanwhile, the minus side included Sport Direct, Mediaset, Lufthansa AG.

Euro Stoxx 600 Technical Levels

The immediate resistance is seen at 368.29 (Sep 9 high), above which the prices could rise to 371.33 (July 8 low). On the other side, support is seen at 362.58 (Sep 17 high) and 358.89 (previous day’s low).

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