A surplus in the global zinc market is expected to have a significant impact on western inventory levels soon, putting pressure on prices in the near term. Zinc yesterday we have seen that market has moved -2.02%. Market has opened at 99.5 & made a low of 96.2 versus the day high of 99.95. The total volume for the day was at 32083 lots and the open interest was at 7786.Now support for the zinc is seen at 95.4 and below could see a test of 93.9. Resistance is now likely to be seen at 99.2, a move above could see prices testing 101.4.

Trading Ideas:

Zinc trading range is 93.9-101.4.

Surplus in global zinc market is expected to have a significant impact on inventory levels

Zinc looks to take support at 95.40 and resistance at 98.20.

Zinc daily stocks at Shanghai exchange came up by 4365 tonnes.