Zinc yesterday traded with the negative node and settled -0.63% down at 117.8. Some pressure had been seen from the LME stock also which came down by 25mt, the total stock at LME is now at 489100mt. In yesterday's trading session zinc has touched the low of 116.7 after opening at 118.9, and finally settled at 117.8. For today's session market is looking to take support at 116.50, a break below could see a test of 115.20 and where as resistance is now likely to be seen at 119.20, a move above could see prices testing 120.70. Spread between zinc JAN & FEB contracts yesterday ended at 0.45. Spread yesterday traded in the range of 0.45 - 0.5.

Trading Ideas:

Zinc trading range is 114-122.

Zinc ended down on profit-taking after rising around 15% in past one-month

Now support for zinc is at 116.60 and resistance is at 118.98

Spread between zinc JAN & FEB contracts yesterday ended at 0.45

BUY ZINC JAN @118 SL 117.80 TGT 118.80-119.60-120.70.MCX