Zinc yesterday traded with the positive node and settled 0.44% up at 114.95 despite of euro fell to a one-week low against the dollar and sank against the yen on Thursday after ECB President Mario Draghi said risks to the bank's outlook for the euro zone were to the downside. Draghi also said the bank will monitor the impact of a strengthening euro on the currency bloc's economy but said it was not a policy target. The ECB, as expected, held its main interest rate at a record low of 0.75 percent. Sentiment remained cautious as investors looked ahead to the outcome of Thursday's European Central Bank policy meeting. The ECB was widely expected to keep rates unchanged at 0.75%, while a post-policy meeting press conference by President Mario Draghi would be closely watched for indications on the future direction of monetary policy. Zinc traders were also anticipating China's trade numbers due out on Friday for more clues on the health of the world's largest consumer. A weaker dollar boosts demand for raw materials as an alternative investment and makes dollar-priced commodities cheaper for holders of other currencies. In yesterday's trading session zinc has touched the low of 113.75 after opening at 114.1, and finally settled at 114.95. For today's session market is looking to take support at 114.1, a break below could see a test of 113.3 and where as resistance is now likely to be seen at 115.4, a move above could see prices testing 115.9.

Trading Ideas:

Zinc trading range for the day is 113.28-115.88.

Zinc yesterday traded with the positive node and settled 0.44% up despite of euro fell to a one-week low against the dollar

ECB President Mario Draghi said risks to the bank's outlook for the euro zone were to the downside.

Jobless claims for the preceding week were revised up to 371,000 from a previously reported gain of 368,000.