Zinc on MCX settled down -0.91% at 152.35 as steps by China to cool its real estate market, dampened buying interest. China's economy expanded at a steady 6.7 percent in the third quarter, partly fuelled by red-hot growth in property prices, which Beijing is now taking steps to subdue. China's Guangzhou city will ramp up monitoring of irregular activities in its property market, while developers in the city of Wuhan will be scrutinised more closely. 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. "The economic recovery in the euro area is expected to be dampened by subdued foreign demand," he told a news conference following the ECB's decision to leave monetary policy unchanged. U. S. home resales surged in September after two straight months of declines as first-time buyers stepped into the market, pointing to underlying momentum in the economy. While other data showed a bigger-than- expected increase in the number of Americans filing for unemployment benefits last week, the trend continued to suggest that the labor market remains strong. Labor market strength is one of the key factors underpinning the housing market. The National Association of Realtors said existing home sales rose 3.2 percent to an annual rate of 5.47 million units. Technically market is under long liquidation as market has witnessed drop in open interest by -15.23% to settled at 6145 while prices down -1.4 rupee, now Zinc is getting support at 151.4 and below same could see a test of 150.5 level, And resistance is now likely to be seen at 153.6, a move above could see prices testing 154.9.

Trading Ideas:

Zinc trading range for the day is 150.5-154.9.

Zinc prices dropped as steps by China to cool its real estate market, dampened buying interest.

China's economy expanded at a steady 6.7 percent in the third quarter, partly fuelled by red-hot growth in property prices.

U. S. home resales surged in September after two straight months of declines as first-time buyers stepped into the market