Commodity Outlook for Zinc by KediaCommodity

ZincZinc yesterday traded with the negative node and settled -0.89% down at 106.4. Some pressure had been seen from the LME stock also which came up by 75mt, the total stock at LME is now at 546200mt. In yesterday's trading session zinc has touched the low of 105.25 after opening at 107.3, and finally settled at 106.4. For today's session market is looking to take support at 105, a break below could see a test of 103.6 and where as resistance is now likely to be seen at 108, a move above could see prices testing 109.6.Spread between zinc APR & MAY contracts yesterday ended at 0.7. Spread yesterday traded in the range of 0.6 - 0.75.

Trading Ideas:

Zinc trading range is 103.6-109.6.

Zinc yesterday ended down along with other metals in profit booking

Support for the zinc is at 106.40 and resistance is at 108.

Zinc daily stock at Shanghai exchange came up by 1282 tonnes.

BUY ZINC APR @ 104.80-105 SL 103.80 TGT 105.80-106.50.MCX