MUMBAI (Commodity Online): Zinc futures are trading higher in the opening session on Wednesday on the back of over all bullish sentiment on base metals due to the weak US dollar.
MCX zinc October delivery opened up by Rs.0.15 at Rs.89.05 and got traded between Rs.89.00-Rs.89.40 per kg. At 10.47 am IST it traded up by Rs.0.35 at Rs.89.25/kg. Total volumes recorded 497 lots.
Mitsui Mining & Smelting Co said it lowered its zinc selling price by Y10,000 to Y210,000 a metric ton. This will bring the estimated average zinc selling price for October to Y211,400.
Trade sitting at the comfort of home. Start with a mere 50$Zinc yesterday we have seen that market has moved 0.23%. Market has opened at 89 & made a low of 88.3 versus the day high of 89.7. The total volume for the day was at 11121 lots and the open interest was at 4356.
Now support for the zinc is seen at 88.20 and below could see a test of 87.50. Resistance is now likely to be seen at 89.60, a move above could see prices testing 90.30.
