China's Dongling Group is preparing to restart a 100,000-tonne-a-year lead and zinc smelter this month shut since August last year following accusations by locals that it was a source of lead poisoning. Zinc yesterday we have seen that market has moved 0.14%. Market has opened at 106.1 & made a low of 106.1 versus the day high of 106.3.

The total volume for the day was at 315 lots and the open interest was at 4558.Now support for the zinc is seen at 106.1 and below could see a test of 106. Resistance is now likely to be seen at 106.3, a move above could see prices testing 106.4.

Trading Ideas:

Zinc trading range is 106-106.4.
China Dongling to reopen lead/zinc plant this month
Support for the zinc is at 105.15 and resistance is at 107.40.
Zinc weekly stock at Shanghai exchange came up by 33 tonnes.

SELL ZINC MAR @ 106.20 SL 107.20 TGT 105.30-104.40-103.20.MCX

Courtesy: Kedia Commodities

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