Zinc yesterday traded with the negative node and settled -0.98% down at 107.5 getting pressure as other market was gradually absorbing chaos in the Middle East. Dow rose 124.35 to close at 12214.38, and the Nasdaq Composite Index was up 20.14 to close at 2,765.77. In this context, LME zinc prices closed at USD 2,395/mt, up USD 25/mt. But since LME zinc inventories continued to grow recent days, with inventories in New Orleans growing by 6,300 mt the day before yesterday, and inventories in Johore growing by 9,025 mt to 734,550 mt, which was the highest level since September 2004, LME zinc prices met resistance to rebound. For today's session market is looking to take support at 105.4, a break below could see a test of 103.3 and where as resistance is now likely to be seen at 109.1, a move above could see prices testing 110.7.

Trading Ideas:

Zinc trading range is 103.3-110.7.

Zinc prices dropped on emergence of selling amid weak global cues.

Zinc looks to take resistance at 108.80 and support is at 106.30 level.

Zinc daily stocks at Shanghai exchange came up by 498 tonnes