The recent recovery in zinc prices on the London Metal Exchange could turn out to be a false dawn, as despite some encouraging indicators from the physical market, there's little clear evidence that fundamentals are genuinely bullish. Zinc yesterday we have seen that market has moved -0.35%. Market has opened at 85.45 & made a low of 84.9 versus the day high of 86.05. The total volume for the day was at 15794 lots and the open interest was at 5148.Now support for the zinc is seen at 84.7 and below could see a test of 84.2. Resistance is now likely to be seen at 85.8, a move above could see prices testing 86.5.

Trading Ideas:

Zinc trading range is 84.2-86.5.

Zinc rally may be false dawn despite some positive signs

Resistance for zinc is seen at 84.20 and support is at 86.50.

Zinc daily stock at Shanghai exchange came down by -2049 tonnes.

SELL ZINC JUNE BELOW 85 SL 86 TGT 84.30-83.60-82.80.MCX