Zinc yesterday traded with the positive node and settled 1.16% up at 108.2 as dollar index overnight fell from 79.7 to a low of 79.4, and the number of US preliminary jobless claims during last week fell to the lowest level since July 2008. However, LME zinc prices were not strongly supported by the weakened US dollar index and the positive economic data. LME zinc prices overnight opened at USD 2,370/mt, with prices trying to touch USD 2,428/mt during the day, but finally closed at USD 2,370/mt. Transactions were still weak. For today's session market is looking to take support at 107.3, a break below could see a test of 106.4 and where as resistance is now likely to be seen at 108.9, a move above could see prices testing 109.6.

Trading Ideas:

Zinc trading range is 106.4-109.6.

Zinc settled up on fresh buying and dollar weakness

US dollar index and the positive economic data. LME zinc prices overnight opened at USD 2,370/mt

Zinc looks to take support at 106.40 and resistance at 108.9.

BUY ZINC DEC @ 107 SL 106 TGT 107.80-108.50-109.MCX

YESTERDAY LME STOCK FOR ZINC CAME UP  BY 3075