Commodity Trading Tips for Zinc by KediaCommodity

ZincZinc gained marginally and settled +0.39% up at 103.00 but overall market sentiments was low as minutes from the US Federal Reserve's June meeting suggested economic conditions might need to worsen before policymakers reach a consensus on more stimulus. Base metals made little progress in either direction as investors opted for the sidelines amid a lack of fresh macro news. Of particular interest to market participants will likely be the release of a swathe of economic data from top metals consumer China this week. Among the data due for release are China's second quarter GDP reading, retail sales figures, news loans and fixed asset investment data. While speculation over the trajectory of US and Chinese economic policy may occupy investors' attention in the days ahead, the euro and the evolution of the euro zone crisis still remain in charge of price direction. However, doubts remain over how quickly the euro area's permanent rescue fund can inject capital into Spain's beleaguered banks after the German Constitutional Court said it may need more time before it can rule on the legality of the ESM bailout fund. In yesterday's trading session zinc has touched the low of 102.05 after opening at 102.45, and finally settled at 103. For today's session market is looking to take support at 102.3, a break below could see a test of 101.6 and where as resistance is now likely to be seen at 103.4, a move above could see prices testing 103.8.

Trading Ideas:

Zinc trading range for the day is 101.63-103.83.

Zinc ended with gains as the US dollar weakens supporting the prices

Fed will not increase asset-purchases any time soon, and investors did not see any indication of new round of stimulative measures

The apparent Fed disagreement on further economic stimulus reflected in its June interest rate meeting minutes