Zinc prices rose and fell significantly in October, and the negative correlation between metal prices and the US dollar index appears even obvious. Zinc supply gradually increased after holiday. Some of zinc supplies had been cut off during the National Day holiday, but as the supply increased to normal level after the holiday, and downstream buyers purchased moderately, the inventories gradually increased. Zinc yesterday we have seen that market has moved 0.88%. Market has opened at 107.3 & made a low of 107.3 versus the day high of 109.25. The total volume for the day was at 1651 lots and the open interest was at 5206. Now support for the zinc is seen at 107.6 and below could see a test of 106.5. Resistance is now likely to be seen at 109.5, a move above could see prices testing 110.4.

Trading Ideas:

Zinc trading range is 106.5-110.4.

Zinc prices rose and fell significantly in October

Zinc looks to take support at 107.60 and resistance at 109.50.

Zinc weekly stocks at Shanghai exchange came up by 6709 tonnes.