A fire at Belgium zinc producer Nyrstar N.V.'s Hobart zinc smelter in Australia has cut production by 20%.Hobart's annualized zinc capacity is 260,000 metric tons a year. Zinc yesterday we have seen that market has moved 0.85%. Market has opened at 88.25 & made a low of 88.2 versus the day high of 89. The total volume for the day was at 970 lots and the open interest was at 5908.Now support for the zinc is seen at 88.4 and below could see a test of 87.9. Resistance is now likely to be seen at 89.2, a move above could see prices testing 89.5.

Trading Ideas:

Zinc trading range is 87.9-89.5.

A Nyrstar Hobart's smelter cuts zinc output by 20%

Resistance for zinc is seen at 89.50 and support is at 87.90.

Zinc weekly stock at Shanghai exchange came up by 2018 tonnes.

BUY ZINC MAY @ 87.50 SL 86.50 TGT 88.40-89.20.MCX