China's Yunnan Luoping Zinc & Electricity Co. plans to expand its zinc smelting capacity by 50% to 120,000 metric tons a year in July. Mitsui Mining & Smelting Co. said it raised its zinc selling price by 5,000 to 195,000 a metric ton. Zinc yesterday we have seen that market has moved 2.23%.
Market has opened at 75.8 & made a low of 75.5 versus the day high of 78.45. The total volume for the day was at 18081 lots and the open interest was at 3986.
Now support for the zinc is seen at 76.00 and below could see a test of 74.30. Resistance is now likely to be seen at 79.00, a move above could see prices testing 80.20.
Trading Ideas:
Zinc trading range is 71-85.
China’s zinc & elec co. to expand its zinc smelting capacity by 50% to 120,000 metric tons
Sell zinc June below 77.60 SL 78.40 TGT 77.10-76.60-75.80.
Buying can be seen at 73-74 level.
Imp res are at 79.40 above this again a jump till 81-83 level can be seen.
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