Zinc yesterday traded with the positive node and settled 0.56% up at 98.65 tracking firmness in the overseas market. Some support had been seen from the LME stock also which came down by -675mt, the total stock at LME is now at 617200mt. In yesterday's trading session zinc has touched the low of 96.8 after opening at 97.9, and finally settled at 98.65. For today's session market is looking to take support at 97.4, a break below could see a test of 96.1 and where as resistance is now likely to be seen at 99.4, a move above could see prices testing 100.1. Spread between zinc SEP & OCT contracts yesterday ended at 1.35. Spread yesterday traded in the range of 1.3 - 2.

Trading Ideas:

Zinc trading range is 96.1-100.1.

Zinc yesterday traded with the positive node tracking firmness in the overseas market.

Zinc looks to take support at 97.4 and resistance at 99.4.

Zinc daily stocks at Shanghai exchange down by -100 tonnes.