The latest report released by International Lead and Zinc Study Group indicates that the global market for refined zinc metal was in surplus by 151000 tonnes in the first seven months of 2010. Over the same period stock levels reported by the LME, SHFE and producers and consumers increased by 194kt. Zinc yesterday we have seen that market has moved 0.05%. Market has opened at 99.1 & made a low of 98.6 versus the day high of 99.1. The total volume for the day was at 389 lots and the open interest was at 6858.Now support for the zinc is seen at 98.6 and below could see a test of 98.3. Resistance is now likely to be seen at 99.1, a move above could see prices testing 99.3.

Trading Ideas:

Zinc trading range is 98.3-99.3.

Global market for refined zinc metal was in surplus by 151000 tonnes - ILZSG

Resistance for zinc is seen at 99.90 and support is at 98.

Zinc weekly stock at Shanghai exchange came down by -1646 tonnes.