The big 50,000-ton jump in zinc inventories at the Shanghai Futures Exchange is due to the opening of a new warehouse. The warehouse was registered with the SHFE in China this week, with a capacity of 100,000 ton. The weekly SHFE zinc stocks rose 50,000 tons Friday to 221,900 tons. Zinc yesterday we have seen that market has moved 0.6%. Market has opened at 115.2 & made a low of 115.2 versus the day high of 115.9. The total volume for the day was at 648 lots and the open interest was at 4846.Now support for the zinc is seen at 115.30 and below could see a test of 114.90. Resistance is now likely to be seen at 116.00, a move above could see prices testing 116.30.

Trading Ideas:

Zinc trading range is 112-120.

The big 50,000-ton jump in zinc inventories at Shanghai is due to opening of new warehouse

Zinc is having support at 114.60 level and resistance at 117.90.

Zinc weekly stock at Shanghai exchange came up by 50000 tonnes.

BUY ZINC JAN ABV 116.20 SL 114.90 TGT 116.80-117.90-119.20.MCX