Zinc smelters in China, the world's largest producer, have idled as much as 8.8 percent of capacity as prices decline and the nation bids to cool the property market, curbing demand.  Zinc yesterday we have seen that market has moved 4.89%. Market has opened at 76.3 & made a low of 76.1 versus the day high of 81.1. The total volume for the day was at 37645 lots and the open interest was at 7144.Now support for the zinc is seen at 77.3 and below could see a test of 74.2. Resistance is now likely to be seen at 82.3, a move above could see prices testing 84.2.

Trading Ideas:

Zinc trading range is 74.2-84.2.

Zinc smelters idle capacity on price slump

Resistance for zinc is seen at 81.30 and support is at 79.30.

Zinc daily stock at Shanghai exchange came down by -2208 tonnes.

SELL ZINC JUNE BELOW 80 SL 81.20 TGT 78.80-77.60.MCX