Zinc movement mixed, but improved
Published on 2009-11-18 11:46:34
Australia's Century zinc mine will run out of concentrate at its shipping port later on Tuesday, forcing buyers to look for alternative supply sources. Zinc yesterday we have seen that market has moved 0.19%.
Market has opened at 103.55 & made a low of 102.85 versus the day high of 104.7. The total volume for the day was at 16141 lots and the open interest was at 3980.Now support for the zinc is seen at 102.80 and below could see a test of 101.90.
Resistance is now likely to be seen at 104.70, a move above could see prices testing 105.60.
Trading Ideas:
ZINC TRADING RANGE IS 99.50-107.50.
CENTURY MINE ZINC PORT STOCKPILE TO RUN OUT
BUY ZINC NOV AT 102.60 SL 101.70 TGT 103.20-104-104.80.
ZINC IS GETTING SUPPORT AT 102.60 AND RESISTANCE AT 104.90 LEVELS.
ZINC DAILY STOCK AT SHANGHAI EXCHANGE CAME UP BY 300 TONNES.
Courtesy: Kedia Commodities
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