Zinc yesterday traded with the positive node and settled 1.69% up at 112.6 as US dollar index fell below the 78 mark, pushing up base metal prices. LME zinc prices climbed above the 20-day moving averages after opening at USD 2,345/mt, reaching as high as USD 2,425/mt before ending at USD 2,415/mt. Trading sentiment was expected to turn lower following the arrival of the Chinese New Year holiday. Market attention should be paid to the US non-farm employment data due on Friday. If the data is positive, the US dollar index is expected to rebound, and that will weigh on base metal prices. If not, LME zinc prices will continue to advance. Mitsui Mining & Smelting Co. said it raised its zinc selling price by Y5,000 to Y240,000 a metric ton. For today's session market is looking to take support at 111, a break below could see a test of 109.5 and where as resistance is now likely to be seen at 113.8, a move above could see prices testing 115.

Trading Ideas:

Zinc trading range is 109.5-115.

Mitsui Mining & Smelting raises zinc price to Y240,000/ton

Zinc looks to take resistance at 113.80 and support is at 111.50 level.

Zinc daily stocks at Shanghai exchange came up by 1013 tonnes

SELL ZINC FEB BELOW 112 SL 113.20 TGT 110.80-109.60-109. MCX

YESTERDAY LME STOCK FOR ZINC CAME DOWN BY -400