Zinc weakens on international market

Zinc yesterday we have seen that market has moved -0.21% weighed down by rise in Shanghai stocks.

Zinc inventories rose 1,746 tons to 397,347 tons, based on a survey of 15 warehouses in Shanghai, Guangdong and Zhejiang, the exchange said. Lead stockpiles declined 1,264 tons to 31,741 tons, data show.

Zinc yesterday we have seen that market has moved -0.21%. Market has opened at 97.3 & made a low of 97.05 versus the day high of 97.35. The total volume for the day was at 340 lots and the open interest was at 7490.

Now support for the zinc is seen at 97 and below could see a test of 96.9. Resistance is now likely to be seen at 97.3, a move above could see prices testing 97.5.

Trading Ideas:

Zinc trading range is 96.9-97.5.

Zinc yesterday we have seen that market has moved -0.21% weighed down by rise in Shanghai stocksZinc looks to take support at 95.90 and resistance at 98.40.

Zinc weekly stocks at Shanghai exchange came up by 1746 tonnes.