Zinc on MCX settled up 0.92% at 153.75 tracking LME prices ended at $2,308 a tonne, up 1 percent as data showed China's economy grew 6.7 percent in the third quarter. Data showed China's economy grew 6.7 percent in the third quarter, flat from the previous quarter, as increased government spending and a property boom offset stubbornly weak exports. However, September industrial output grew less than expected. The Chinese government said in the latest update of its five- year industry plan that China's base metals consumption is set to slow over the next four years. In a statement, China's Ministry of Industry and Information Technology (MIIT) said it will limit new production capacity expansions in the copper, aluminium, zinc and lead sectors. LME Stocks and cancelled warrants were both down 275 tonnes to 455,475 tonnes and 34,375 tonnes respectively. After reporting a sharp jump in U. S. homebuilder confidence in the previous month, the National Association of Home Builders released a report showing that homebuilder confidence has pulled back in the month of October. The report said the NAHB/Wells Fargo Housing Market Index dipped to 63 in October after jumping to an eleven-month high of 65 in September. The drop by the index matched economist estimates. Reflecting higher prices for gasoline and shelter, the Labor Department released a report on Tuesday showing that U. S. consumer prices rose in line with estimates in the month of September. The Labor Department said its consumer price index climbed by 0.3 percent in September after edging up by 0.2 percent in August. Technically now Zinc is getting support at 152 and below same could see a test of 150.3 level, And resistance is now likely to be seen at 154.6, a move above could see prices testing 155.5.

Trading Ideas:

Zinc trading range for the day is 150.3-155.5.

Zinc prices ended with gains tracking LME prices ended at $2,308 a tonne, up 1 percent despite Chinese industrial production missed forecasts.

The Chinese government said in its latest five-year industry plan update that China's base metals consumption is set to slow over the next four years.

LME cancelled warrants was down by 275 tonnes to 34,375 tonnes.