The global zinc market is heading for another big surplus this year and at some point prices will fall to reflect this. LME zinc stocks continued to rise towards the half a million tonne mark in December, ending the month at 489,125 tonnes from 455,275 tonnes the previous month.

Zinc yesterday we have seen that market has moved 0.09%. Market has opened at 112.15 & made a low of 112.15 versus the day high of 112.45. The total volume for the day was at 361 lots and the open interest was at 4564. Now support for the zinc is seen at 112.10 and below could see a test of 112.00. Resistance is now likely to be seen at 112.40, a move above could see prices testing 112.60.

Trading Ideas:

Zinc trading range is 108-116.

The global zinc market is heading for another big surplus this year

Zinc still looks till 110 mark where some buying can be seen.

Zinc weekly stock at Shanghai exchange came up by 1000 tonnes.

BUY ZINC JAN ABV 112.5 SL 111.30 TGT 113.10-114-114.80. MCX