The global zinc market was in a 293,000-metric-ton surplus January to March this year, larger than the surplus in the same period for 2009, the World Bureau of Metal Statistics said. Zinc yesterday we have seen that market has moved -0.23%. Market has opened at 86.5 & made a low of 83.45 versus the day high of 86.8. The total volume for the day was at 42694 lots and the open interest was at 6407.Now support for the zinc is seen at 84.3 and below could see a test of 82.2. Resistance is now likely to be seen at 87.6, a move above could see prices testing 88.9.

Trading Ideas:

Zinc trading range is 82.2-88.9.

Global zinc market was in a 293,000-metric-ton surplus January to March

Resistance for zinc is seen at 87.60 and support is at 84.30.

Zinc daily stock at Shanghai exchange came down by -403 tonnes.

SELL ZINC MAY @ 88 SL 89.20 TGT 86.80-85.60.MCX