The global zinc market is on course to record a massive supply surplus this year, unless miners cut production, but the recent rebound in prices is acting as a deterrent. The bulk of mine cuts would have to come from high cost mines in China. But the recent run-up in prices has eased pressure on them.

Zinc yesterday we have seen that market has moved -0.26%. Market has opened at 95.45 & made a low of 95.1 versus the day high of 95.45. The total volume for the day was at 577 lots and the open interest was at 7201.Now support for the zinc is seen at 95.1 and below could see a test of 94.9. Resistance is now likely to be seen at 95.4, a move above could see prices testing 95.6.

Trading Ideas:

Zinc trading range is 94.9-95.6.

Global zinc market is on course to record a massive supply surplus this year

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

Zinc weekly stock at Shanghai exchange came up by 4421 tonnes.