The global zinc surplus rose to 445,000 tonnes in 2009, the largest surplus since 1993, according to the latest figures from the International Lead and Zinc Study Group (ILZSG). The market surplus more than doubled from 219,000 tonnes in 2008, the ILZSG said. Zinc yesterday we have seen that market has moved 0.28%.

Market has opened at 107.6 & made a low of 107.6 versus the day high of 108.25. The total volume for the day was at 469 lots and the open interest was at 3367. Now support for the zinc is seen at 107.8 and below could see a test of 107.4. Resistance is now likely to be seen at 108.4, a move above could see prices testing 108.7.

Trading Ideas:

Zinc trading range is 107.4-108.7.

World zinc surplus doubles to 445,000 tonnes in 2009.

Support for zinc is at 106.70 and resistance is at 109.40.

The total volume for the day was at 469 lots and the open interest was at 3367.

SELL ZINC FEB @ 107.50 SL 108.20 TGT 107-106.40-105.80.MCX