The global refined zinc market recorded a surplus of 119,000 metric tons in January, the World Bureau of Metal Statistics said.

Zinc yesterday we have seen that market has moved 1.25%. Market has opened at 104.9 & made a low of 104.8 versus the day high of 106.3. The total volume for the day was at 25073 lots and the open interest was at 3845.

Now support for the zinc is seen at 104.9 and below could see a test of 104.1. Resistance is now likely to be seen at 106.4, a move above could see prices testing 107.1.

Trading Ideas:

Zinc trading range is 104.1-107.1.
The global refined zinc market recorded a surplus of 119,000 metric tons in January
Support for the zinc is at 104.90 and resistance is at 106.40.
Zinc daily stock at Shanghai exchange yesterday came up by 75 tonnes.
BUY ZINC MAR AT 105.50 SL 104.60 TGT 106.20-107-107.80.MCX

Courtesy: Kedia Commodities

World events analysis and how they affect Markets

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