Zinc yesterday traded with the negative node and settled -1.22% down at 105.45 tracking weak trend in the entire base metals pack at the London Metal Exchange and brisk profit-booking by speculators. Some support had been seen from the LME stock also which came down by -450mt, the total stock at LME is now at 631425mt. In yesterday's trading session zinc has touched the low of 102.45 after opening at 107.1, and finally settled at 105.45. For today's session market is looking to take support at 102.9, a break below could see a test of 100.4 and where as resistance is now likely to be seen at 107.6, a move above could see prices testing 109.7. Spread between zinc NOV & DEC contracts yesterday ended at 1.3. Spread yesterday traded in the range of 0.9 - 2.

Trading Ideas:

Zinc trading range is 100.4-109.7.

Zinc yesterday settled down tracking weak trend in the entire base metals pack at the LME

Zinc looks to take support at 104.30 and resistance at 106.60.

Zinc daily stocks at Shanghai exchange came up by 2355 tonnes.