Many Zinc mines down, prices follow suit
Published on 2009-11-24 11:34:17
Mining group Minmetals needs to conduct a battery of tests along its damaged Australian pipeline before setting a date to restart zinc concentrate shipments from its Century mine. Zinc yesterday we have seen that market has moved -0.14%.
Market has opened at 104.9 & made a low of 104.3 versus the day high of 106.55. The total volume for the day was at 14214 lots and the open interest was at 3605.
Now support for the zinc is seen at 103.70 and below could see a test of 102.80. Resistance is now likely to be seen at 105.90, a move above could see prices testing 107.30.
Trading Ideas:
ZINC TRADING RANGE IS 100.50-107.50.
NO DATE YET TO RESTART CENTURY ZINC PIPELINE -MINMETALS
BUY ZINC NOV AT 104-104.50 SL 103 TGT 105.20-106-106.80.
ZINC IS GETTING SUPPORT AT 103.10 AND RESISTANCE AT 105.90 LEVELS.
ZINC DAILY STOCK AT SHANGHAI EXCHANGE CAME UP BY 1222
Courtesy: Kedia Commodities
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