LME zinc inventories are likely to see further increases in the near-term after jumping nearly 12,000 tons in the past two days. Most of the increases occurred at LME warehouses in New Orleans, where a vessel carrying 20,000 tons of zinc recently arrived. Zinc yesterday we have seen that market has moved -0.15%. Market has opened at 107699 & made a low of 100.35 versus the day high of 102.9. The total volume for the day was at 22863 lots and the open interest was at 6288. Now support for the zinc is seen at 100.5 and below could see a test of 99.2. Resistance is now likely to be seen at 103.1, a move above could see prices testing 104.3.

Trading Ideas:

Zinc trading range is 99.2-104.3.

LME zinc inventories are likely to see further increases in the near-term

Resistance for zinc is seen at 103.10 and support is at 100.50.

Zinc weekly stock at Shanghai exchange came up by 2863 tonnes.

ZINC WAIT FOR FRESH ENTRY ABV 100 MKT LOOK FIRM.