Zinc on MCX settled up 0.57% at 150.9 recovering from lows which seen after a major miner said it planned to double output next year. One of Peru's top copper and zinc mines, Antamina, will likely double its zinc output to between 340,000 tonnes and 360,000 tonnes next year to take advantage of an expected rise in prices, the mine's general manager said. Zinc prices have been expected to climb into next year, after large mines such as Century in Australia and Lisheen in Ireland dried up, with no major new projects on the horizon. A commodity poll shows deficit by the end of 2017 for 269,000 tonnes, which could cut the deficit next year to 100,000 tonnes. A wave of restrictions imposed on housing markets in major Chinese cities last week has unnerved some buyers and developers, cutting the area of new homes sold in places such as Beijing and Shenzhen by more than half. China's economy performed better than expected in the third quarter and the country's debt risks are under control, Premier Li Keqiang said. Also, Nyrstar said full production has resumed at its Port Pirie lead smelter in Australia following a power outage on Sept. 28 that brought the 185,000 tonnes-per-year facility to a standstill. Several voting Federal Reserve policymakers judged a rate hike would be warranted "relatively soon" if the U. S. economy continued to strengthen but doubts on inflation remained, according to the minutes of the Fed's September policy meeting showed. Technically market is under short covering as market has witnessed drop in open interest by -8.7% to settled at 7554, now Zinc is getting support at 150.2 and below same could see a test of 149.5 level, And resistance is now likely to be seen at 151.7, a move above could see prices testing 152.5.

Trading Ideas:

Zinc trading range for the day is 149.5-152.5.

Zinc prices ended with gains recovering from lows which seen after a major miner said it planned to double output next year.

Also, Nyrstar said full production has resumed at its Port Pirie lead smelter in Australia following a power outage on Sept. 28.

Zinc prices have been expected to climb into next year, after large mines such as Century in Australia and Lisheen in Ireland dried up.