Zinc yesterday traded with the negative node and settled -1.3% down at 111.95 after the release of US initial jobless claims for the week ending Feb 26th fell by 20k to 368k, the lowest level since May 2008. Meanwhile, crude oil future contract prices fell, a signal that Lybia unrest eased. In this context, the Dow Jones overnight was up 191.40 to 11,258.2, and the Nasdaq Composite Index rose by 50.67 to 2,798.74, boosting LME zinc prices to close at USD 2,480/mt, down USD 6/mt. In yesterday's trading session zinc has touched the low of 111.55 after opening at 113.15, and finally settled at 111.95. For today's session market is looking to take support at 111.3, a break below could see a test of 110.6 and where as resistance is now likely to be seen at 112.9, a move above could see prices testing 113.8.

Trading Ideas:

Zinc trading range is 110.4-114.9.

Zinc ended lower after the release of US initial jobless claims

Zinc looks to take resistance at 113.80 and support is at 111.40 level.

Zinc daily stocks at Shanghai exchange came up by 618 tonnes