The global zinc market will remain in surplus in 2010, with production expected to surpass demand by 418,000 metric tons, the International Lead and Zinc Study Group said. Zinc yesterday we have seen that market has moved -3.17%. Market has opened at 104.2 & made a low of 99.1 versus the day high of 104.2. The total volume for the day was at 30001 lots and the open interest was at 3442.Now support for the zinc is seen at 98.4 and below could see a test of 96.2. Resistance is now likely to be seen at 103.5, a move above could see prices testing 106.4.

Trading Ideas:

Zinc trading range is 96.2-106.4.

The global zinc market will remain in surplus in 2010 – ILZSG

Resistance for zinc is seen at 101.80 and support is at 99.50.

Zinc daily stock at Shanghai exchange came up by 376 tonnes.

BUY ZINC APR @ 100.70 SL 100 TGT 101.50-102.40.MCX