Zinc yesterday traded with the positive node and settled 0.15% up at 102.15 as US Federal Reserve Chairman Bernanke said in central bank meeting last Friday that US unemployment rate remained high and the Fed would take measures to help economic recovery if necessary. Expectations for easing policies remain. Investors were wary as the specific time when stimulus policies will be introduced remains unknown due to mixed economic data. China’s PMI for August hit nine-month low at 49.2, which pointed to contraction, aggravating economic downward risks and dampening sentiment. The longed annual central bank meeting was held last Friday, although the Fed’s president Bernanke did not make any promise on QE3, he confirmed the effect of the previous two rounds of QE measures and the disappointing economic situation in the US at present. He also said the Fed would take more actions to support the US economy. In yesterday's trading session zinc has touched the low of 101.9 after opening at 101.95, and finally settled at 102.15. For today's session market is looking to take support at 102, a break below could see a test of 101.8 and where as resistance is now likely to be seen at 102.3, a move above could see prices testing 102.4.

Trading Ideas:

Zinc trading range for the day is 101.78-102.38.

Zinc settled 0.15% up as US Federal Reserve Chairman Bernanke said in central bank meeting

Investors were wary as the specific time when stimulus policies will be introduced remains unknown due to mixed economic data

China’s PMI for August hit nine-month low at 49.2, which pointed to contraction, aggravating economic downward risks