The already over-supplied global zinc market will remain in surplus this year and probably next and prices will fall sharply as that becomes clear. Demand has risen, but increases from last year look impressive due largely to last year's massive declines. Zinc yesterday we have seen that market has moved -0.92%. Market has opened at 92 & made a low of 90.6 versus the day high of 92.2. The total volume for the day was at 1024 lots and the open interest was at 6722.Now support for the zinc is seen at 90.5 and below could see a test of 89.7. Resistance is now likely to be seen at 92.1, a move above could see prices testing 92.9.

Trading Ideas:

Zinc trading range is 89.7-92.9.

The already over-supplied global zinc market will remain in surplus this year

Resistance for zinc is seen at 92.10 and support is at 90.50.

Zinc weekly stock at Shanghai exchange came up by 23556 tonnes.

SELL ZINC MAY @ 91 SL 92.20 TGT 90.20-88.60.MCX