Zinc yesterday traded with the positive node and settled 3.2% up at 98.4 tracking LME zinc prices overnight moved between USD 2,140-2,160/mt during the Asian trading hours. Since the US dollar index weakened before the minutes of the Federal Open Market Committee came out, LME zinc prices surged to USD 2,195/mt, with prices finally closing at USD 2,191/mt, up USD 73/mt. Trading volumes increased by 1,218 lots to 9,189 lots, and total positions decreased by 7,323 lots to 236,695 lots. In yesterday's trading session zinc has touched the low of 95.45 after opening at 95.45, and finally settled at 98.4. For today's session market is looking to take support at 96.4, a break below could see a test of 94.4 and where as resistance is now likely to be seen at 99.5, a move above could see prices testing 100.6.

Trading Ideas:

Zinc trading range is 94.4-100.6.

Global zinc was in surplus of 111,000 tonnes in the same period - ILZSG

Zinc looks to take support at 96.40 and resistance at 99.50.

Zinc daily stocks at Shanghai exchange came down by 867 tonnes.