Wednesday, April 6, 2011

MCX Zinc Updates- Zinc Likely to trade in Positive Zone

MCX Zinc April contract yesterday traded with the negative node and settled -0.24% down at 106.35. US ISM Purchasing Managers Index (PMI) for March unexpectedly fell, weighing down the US dollar index. China’s central bank announced yesterday it would raise interest rates for financial institutions from April 6th.

For today's session market Zinc futures is looking to take support at 106.1, a break below could see a test of 105.4 and where as resistance is now likely to be seen at 108.1, a move above could see prices testing 108.8.

MCX Zinc April contract trading range is 104.3-110.

Intraday traders can buy MCX Zinc contract near 107 with the stop loss of 105.9 and can wait for the targets of 108.1 and 108.8.


Posted By Commodity MCX Tips