Wednesday, April 13, 2011

Zinc Updates- MCX Zinc Likely to Go up

MCX Zinc April contract yesterday traded with the negative node and settled -2.1% down at 109.5 as US dollar index overnight rebounded from 74.9, to 75.07, weighing down LME zinc prices.

In yesterday's trading session Zinc futures has touched the low of 108.95 after opened at 111.25, and finally settled at 109.5. For today's session market is looking to take support at 106.9, a break below could see a test of 105.8 and where as resistance is now likely to be seen at 111.5, a move above could see prices testing 113.5.

MCX Zinc April contract trading range is 106.9-113.5.

Short term traders can buy MCX Zinc contract near 106.5 with the stop loss of 104.5 and can wait for the targets of 109.5 and 111.5 .


Posted By Commodity MCX Tips