Zinc yesterday we have seen that market has moved -1.26%, zinc prices dipped as large number of long positions liquidate in the market after profit-taking, and market sentiment was depressed. LME zinc prices overnight down USD 2/mt and closed at USD 2,302/mt since investors left the market after profit-taking as Christmas holiday nears. Market has opened at 104.3 & made a low of 102.95 versus the day high of 104.5. The total volume for the day was at 16839 lots and the open interest was at 8285. Now support for the zinc is seen at 102.8 and below could see a test of 102.1. Resistance is now likely to be seen at 104.4, a move above could see prices testing 105.2.

Trading Ideas:

Zinc trading range is 102.1-105.2.

Zinc prices dipped as large number of long positions liquidate in the market after profit-taking

Zinc looks to take support at 102.60 and resistance at 104.70

Zinc daily stocks at Shanghai exchange came up by 1632 tonnes.

BUY ZINC DEC @ 103.50 SL 102.60 TGT 104-104.80.MCX