Zinc yesterday traded with the negative node and settled -3.91% down at 111.2 as yesterday market came under pressure after Libyan President Moammar Gadhafi said that he would not step down, resulting in increasing unrest in Libya. The US stocks fell significantly, and the Dow Jones Industrial Average slumped by 178.46 and closed at 12,212.79. Creating pressure on metal and LME zinc prices once again dipped to USD 2,493/mt, with prices closing with slight gains at USD 2,520/mt. In yesterday's trading session zinc has touched the low of 110.9 after opening at 114.9, and finally settled at 111.2. For today's session market is looking to take support at 109.8, a break below could see a test of 108.3 and where as resistance is now likely to be seen at 113.8, a move above could see a test of 108.3 and where as resistance is now likely to be seen at 113.8, a move above could see prices testing 116.3.

Trading Ideas:

Zinc trading range is 108.3-116.3.

Global zinc market in 264,000-ton surplus in 2010 - ILZSG

Zinc looks to take resistance at 112.40 and support is at 110 level.

Zinc daily stocks at Shanghai exchange came up by 2419 tonnes

YESTERDAY LME STOCK FOR ZINC CAME DOWN  BY 0