MUMBAI (Commodity Online): Zinc futures continued to trade up on Tuesday at the MCX counter as short covering on the back of firm global sentiments supported the metal.
MCX zinc November contract moved up by 0.49% to Rs 102.40 a kilo, in trading volume in 199 lots, while December contract inched up by 0.48 per cent to Rs 102.95 a kg with turnover in 14 lots.
Now support for the zinc is seen at 100.90 and below could see a test of 99.90. Resistance is now likely to be seen at 102.90, a move above could see prices testing 104.00.
Trade commodities or equities from across the globe. Join NowAnalysts said expectations of pick up in global demand for the base metals after the positive manufacturing data from the US and China and weakening US dollar, mainly influenced metal prices at domestic futures market here.
Zinc market will likely be in a "hefty" surplus in 2010 for the third consecutive year, which will gradually exert downward pressure on prices. Zinc yesterday we have seen that market has moved 0.3%.
Market has opened at 102.3 & made a low of 101.05 versus the day high of 103.1. The total volume for the day was at 11776 lots and the open interest was at 3773.
