Commodity Trading Tips for Zinc by KediaCommodity

ZincZinc yesterday traded with the positive node and settled 1.04% up at 105.55 after data released, US CCI for March was 63.4, lower than February’s 72. The lower-than-forecast CCI has eased concerns over the US Federal Reserve (Fed)’s tightening monetary policies. In this context, the Dow Jones Industrial Average overnight rose 81.13 to close at 12,279.01; the Nasdaq Composite Index rose 26.21 to close at 2,756.89, driving up LME zinc prices overnight to stabilize at the 10-day moving average, with prices finally closing at USD 2,347/mt, up USD 8/mt. In yesterday's trading session zinc has touched the low of 103.35 after opening at 104.65, and finally settled at 105.55. For today's session market is looking to take support at 104, a break below could see a test of 102.5 and where as resistance is now likely to be seen at 106.5, a move above could see prices testing 107.4.

Trading Ideas:

Zinc trading range is 102.5-107.4.

Zinc yesterday traded with the positive node and settled 1.04% up

Zinc looks to take support at 104 and resistance at 106.50.

Zinc daily stocks at Shanghai exchange came up by 399 tonnes