Market for zinc metal remains well supplied, with industry carrying ample stocks. In this context, the recent rally in the zinc price appears to lack fundamental support and we would expect to see some retreat in the coming weeks. Zinc yesterday we have seen that market has moved -0.16%. Market has opened at 95.1 & made a low of 93.85 versus the day high of 96.05. The total volume for the day was at 33630 lots and the open interest was at 7164.Now support for the zinc is seen at 94.1 and below could see a test of 92.9. Resistance is now likely to be seen at 96.3, a move above could see prices testing 97.3.

Trading Ideas:

Zinc trading range is 92.9-97.3.

Market for zinc metal remains well supplied, with industry carrying ample stocks

Resistance for zinc is seen at 96.30 and support is at 94.10.

Zinc daily stock at Shanghai exchange came up by 4027 tonnes.