Zinc surplus widens, price scope little
Published on 2009-11-20 11:45:12
The global zinc surplus widened to 341,000 mt in the year to September, according to the latest statistics from the International Lead and Zinc Study Group (ILZSG).
The surplus compares with an excess of 25,000 mt for the corresponding period in 2008. Zinc yesterday we have seen that market has moved -0.39%. Market has opened at 103.35 & made a low of 101.8 versus the day high of 104.6.
The total volume for the day was at 17804 lots and the open interest was at 3694.Now support for the zinc is seen at 101.4 and below could see a test of 100.2. Resistance is now likely to be seen at 104.2, a move above could see prices testing 105.8.
Trading Ideas:
ZINC TRADING RANGE IS 98-106.
GLOBAL ZINC SURPLUS WIDENS TO 341,000T IN YEAR TO SEPT – ILZSG
BUY ZINC NOV ABV 103 SL 102.20 TGT 103.80-104.60-105.50.
ZINC IS GETTING SUPPORT AT 101.40 AND RESISTANCE AT 104.90 LEVELS.
ZINC DAILY STOCK AT SHANGHAI EXCHANGE CAME DOWN BY -170 TONNES.
Courtesy: Kedia Commodities Explore Commodity Online Mobile Services
