Zinc yesterday traded with the negative node and settled -2.67% down at 103.9. Some support had been seen from the LME stock also which came down by -650mt, the total stock at LME is now at 541300mt. In yesterday's trading session zinc has touched the low of 103.4 after opening at 106.45, and finally settled at 103.9. For today's session market is looking to take support at 102.4, a break below could see a test of 100.9 and where as resistance is now likely to be seen at 106.4, a move above could see prices testing 108.8. Spread between zinc APR & MAY contacts yesterday ended at 1, we have seen yesterday that the zinc market had traded with a negative node and settled -2.67% down. Spread yesterday traded in the range of 0.55 - 1.

Trading Ideas:

Zinc trading range is 100.9-108.8.

Zinc yesterday ended weak tracking weakness in other base metals

Resistance for zinc is seen at 104.80 and support is at 102.40.

Zinc daily stock at Shanghai exchange came up by 50 tonnes.

YESTERDAY LME STOCK FOR ZINC CAME DOWN  BY -650

SELL ZINC APR @ 104 SL 105.20 TGT 103.20-102.10.MCX