Zinc yesterday traded with the negative node and settled -0.15% down at 101.9 as HSBC China's CPI for March unexpectedly fell, while concerns improved as eurozone comprehensive PMI dropped from 49.3 in February, to 48.7. Worries about faltering global growth hit equities and commodities on Thursday after weak data on manufacturing activity in China and the euro zone. A Chinese manufacturing index indicated a worse contraction this month, bolstering the case for Premier Wen Jiabao to add measures to sustain growth even as he prolongs a campaign to cool property prices. Chairman Ben S. Bernanke said yesterday that public expectations that inflation will remain low gives the Fed leeway to maintain record monetary easing. He and other policy makers said last week in a statement that economic slack and subdued inflation will probably warrant keeping the main interest rate at close to zero at least through late 2014. The gap between the Federal Reserve's dovish core and its hawkish wing was on display on Thursday as a top Fed official said the economy is in better shape even as Fed Chairman Ben Bernanke focused on a source of weakness. In yesterday's trading session zinc has touched the low of 101.3 after opening at 102.05, and finally settled at 101.9. For today's session market is looking to take support at 101.4, a break below could see a test of 100.8 and where as resistance is now likely to be seen at 102.4, a move above could see prices testing 102.8.

Trading Ideas:

Zinc trading range for the day is 100.83-102.83.

Zinc yesterday traded with the negative node as HSBC China's CPI for March unexpectedly fell weighed on sentiments

Worries about faltering global growth hit prices after weak data on manufacturing activity in China and euro zone

Zinc daily stocks at Shanghai exchange came down by 100 tonnes