Zinc yesterday traded with the negative node and settled -1.3% down at 111.95 as crude oil future contract prices continued to rise, weighing down base metal prices. Meanwhile, chaos exacerbated in Lybia, and the IEA said Lybia turmoil caused output of crude oil to fall more than expected. As a result, LME zinc prices overnight fell USD 22/mt and closed at USD 2,486/mt below the 20-day moving average. In yesterday's trading session zinc has touched the low of 111.55 after opening at 113.15, and finally settled at 111.95. For today's session market is looking to take support at 111.3, a break below could see a test of 110.6 and where as resistance is now likely to be seen at 112.9, a move above could see prices testing 113.8.

Trading Ideas:

Zinc trading range is 110.6-113.8.

Zinc ended lower as crude oil prices continued to rise, weighing down base metal prices.

Zinc looks to take resistance at 113.20 and support is at 110.80 level.

Zinc daily stocks at Shanghai exchange came up by 854 tonnes