Zinc yesterday traded with the negative node and settled -2.49% down at 102.4 tracking last week's weakness, where zinc prices fell and stabilized at lower levels. Standard and Poor’s planned to downgrade the US sovereign debt rating due to long-term deficits. The US dollar index rebounded to 75.0-75.5, pushing down LME zinc prices on Tuesday to USD 2,301/mt, but prices later rallied to between USD 2,340-2,370/mt. In yesterday's trading session zinc has touched the low of 100.8 after opening at 105.1, and finally settled at 102.4. For today's session market is looking to take support at 100.4, a break below could see a test of 98.4 and where as resistance is now likely to be seen at 104.8, a move above could see prices testing 107.2.

Trading Ideas:

Zinc trading range is 98.4-107.2.

China zinc stocks surge 50 percent to 1.5 mln T

Zinc looks to take support at 100.40 and resistance at 104.80.

Zinc daily stocks at Shanghai exchange came down by daily tonnes.