Zinc yesterday traded with the negative node and settled -0.36% down at 111.45 as LME zinc prices overnight fell by USD 11.8/mt to close at USD 2,455/mt, with prices falling below the 30-day moving average. The US preliminary jobless claims for the week ending February 19th were down more than forecast, while the new home sales for January significantly fell by 12.6%, with an estimated decline of 8.8%. But the market was still concentrated on the unrest in Lybia, so that market players chose to be cautious till chaos ends. The US dollar index overnight slid to 77.01 from 77.3, but failing to boost LME zinc prices. For today's session market is looking to take support at 109.8, a break below could see a test of 108.1 and where as resistance is now likely to be seen at 112.5, a move above could see prices testing 113.6.

Trading Ideas:

Zinc trading range is 108.1-113.6.

Zinc yesterday ended down triggered by weak trend at the London Metal Exchange

Zinc looks to take resistance at 112.60 and support is at 110.20 level.

Zinc daily stocks at Shanghai exchange came up by 602 tonnes

YESTERDAY LME STOCK FOR ZINC CAME DOWN  BY -175