Zinc yesterday traded with the positive node and settled 0.95% up at 105 as European officials said the ECB may buy unlimited amounts of government debt and would not publicly set the upper limit on bond yields, and the plan is largely for debt bonds of around three years. Policy makers will discuss this plan later, and Draghi will announce whether or not this plan is approved at the press conference. But Draghi has said firmly that the main responsibility of the ECB is to intervene in bond markets and win back domination on interest rates to preserve the euro zone. However, Weidmann, said the ECB's move of debt buying program is like drinking poison, and will cause debt-plagued countries to become dependent on aids. German media reported that if the ECB's plan of intervening in bond markets is approved, Weidmann may resign. Nevertheless, commodity markets were still boosted significantly. Besides, the US Labor Department announced revised non-farm productivity rose 2.2% in 2Q, better than market anticipations. Market focus will be on the ECB policy meeting, and investors are awaiting details including: detailed term of debt buying, when debt buying plan would be conducted, which countries will search for help, and how the EFSF/ESM can get financing. For today's session market is looking to take support at 104.2, a break below could see a test of 103.3 and where as resistance is now likely to be seen at 105.6, a move above could see prices testing 106.2.

Trading Ideas:

Zinc trading range for the day is 103.33-106.23.

Zinc gained as market expects Draghi will hint to take action to help ease investors' concerns over European debt crisis

Base metal price hike was mainly due to improved risk appetite on bond-buying program from the euro zone.

Moody's slashed Ireland's credit rating from Aaa to A3, and Portugal's credit rating from Aaa to Baa3